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Latest news
Insolvencies ahead in Ireland
Over 38,000 companies in the Republic of Ireland are at risk of insolvency, insolvencynews.com reports, referring to research by Vision-net.ie.
Business information agency Vision-net.ie determines which businesses are at risk by looking at `key criteria` such as falling / negative cash flow, over-reliance on debt, reduced sales / profits and `significant` interest burdens.
Britons `taking on debt to fund home improvements`
One in five personal loans taken out in the first half of the year were used for home improvements, according to research by Sainsbury`s Finance.
The company said this was indicative of more homeowners choosing to invest in their property, rather than borrow money simply for making large purchases.
Banks `writing off unprecedented levels of debt`
Banks are being forced to write off record levels of debt because borrowers simply can`t afford to repay the money they owe, according to figures from the Bank of England.
In the second quarter of this year, banks and building societies wrote off £3.5bn of personal debts - around £40m a day. This is the highest level of debt write-off since records began.
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