74 homes are repossessed everyday, with his figure looking to rise to 123 per day, according to research published by the Money Advice Trust.

They revealed that the number of insolvencies, such as bankruptcy orders or IVAs, in England and Wales stood at 25,264 for the first three months of this 2008. First-time buyers now have an average of over £20,000 of unsecured debt, this is excluding any debts or mortgages secured against the property.

Although, on a more positive note, they reported that 9 out of 10 people who have sought debt help have found that it is useful and helped them to control their debt management issues. If you are looking for advice about your debt then please get in touch with One Advice, our trained debt advisors are here to help you with your debt problems. We have a range of debt solutions, such as IVA or debt management plans.