/24-7PressRelease/ - LONDON, UK, January 19, 2007 - A combined survey by PricewaterhouseCoopers and CBI shows that nearly 30 per cent of UK banks and more than 75 per cent of building societies in the UK are expecting a rise in bad credit loans, during the first quarter of this year.
John Hitchins, UK Banking Leader, PricewaterhouseCoopers, stated: "We know there has been a problem with bad loans rising in 2006 and one third of banks are still saying they think it will keep rising because of the level of personal insolvencies."
In 2006, there was a record level of personal bankruptcies and IVAs (individual voluntary arrangements), as consumers in UK struggled to meet their personal debts. Experts feel that some consumers borrow recklessly thinking that they have a safety net to fall back on in the form of IVAs and bankruptcy. This tendency is very much costing the UK financial services industry.
Mr Hitchins opined that the rising number of IVAs was a 'major concern' for the UK banking industry. He also expressed his concern that there were some indications that showed IVAs 'being applied to the wrong type of people.'
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