390 People per Day Become Insolvent

MANCHESTER, England, April 20, 2010 - The latest Credit Action figures reveal that an estimated 390 adults will
become insolvent each day in the UK. The figures remain incredibly high,
despite the formal end of the recession during the final quarter of 2009.

Debt advice specialists at MoneySolve are not hugely surprised by the
statistics, commenting that, "The recession is officially over, yes. But the
effects of the recession will go on for quite some time. There's still very
high unemployment and consumer confidence has not fully recovered."

A number of personal insolvencies can be attributed to the unemployment
statistics, which are not being helped by the fact that more than 1800 people
reported being made redundant every single day in the three months to the end
of January 2010. MoneySolve warns that unemployment is a cause for
potentially difficult finances.

"If you suddenly lose your income, you can find yourself in a position
where you are unable to meet your financial commitments. This can result in
relying on credit and ending up with troublesome debts. However, this need
not instantly mean bankruptcy anymore, thanks to the alternatives such as the
Individual Voluntary Arrangement (www.iva.org.uk/). We provide IVA
advice and information to debt ridden consumers on a daily basis and, while
the IVA is not suitable for everyone, in some cases it is an excellent
solution to unmanageable debt problems."

In 2009, there were more than 130,000 personal insolvencies in the UK.

    MoneySolve
    Elizabeth Beesley
    Astute House, Wilmslow Rd,
    Handforth,
    Cheshire SK9 3HP
    +44(0)1625-544789

MoneySolve, Elizabeth Beesley, Astute House, Wilmslow Rd, Handforth, Cheshire SK9 3HP; +44(0)1625-544789.