By Tosif Patel As we enter the early part of 2007, many banks and building societies are already forecasting a significant increase in loan bad debts and loan write-offs. While on the surface, the UK economy appears to be buoyant (with the housing market again taking centre stage) the picture is not as rosy deeper down. The UK is currently in the grip of one of the worst personal debt episodes in history, with consumer debt at an all time high, and debt agencies struggling to cope with demand from people looking for IVAs and debt management plans. Many observers believe that some of the advice given by these Debt Management companies is not always in the consumers best interest, with many tied into long term payment plans which they will find difficult to complete. As a consequence, the increase in IVAs is forecast to transfer into a major hike in the number of bankruptcies as the effects of the recent interest rate rises begin to take effect. More doom and gloom seems unavoidable, with rates set to rise further in the short term - possibly as early as next month. While many consumers in a difficult financial position believe that there housing assets will be enough to bail them out if their troubles increase, they may be in for a shock. While the housing market is still showing signs of strength, with record mortgage advances in 2006, it will not take an awful lot of bad news to push many investors into disposing of their assets. While initially the slowdown may go un-noticed by many, there is enough froth in the housing market for a possible sharp downturn when the top of the market arrives. Once the buyers dry up, and sellers become more desperate, we have a recipe for disaster. While we have seem various complaints commissions set up for endowments, banking charges and various other mis-selling scandals, there is a significant chance we could see Debt Management Agencies pulled in to answer question about their advice. While many people have taken advice over the last couple of years, some are starting to question the standard of advice, with many continuing to suffer from money woes. While 2006 was dominated by the ever rising housing market, 2007 seems to be a year of potential doom and gloom with many consumers suffering financial hangovers from over spending, and over extending of their income in 2006. Loans Rise 2007
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