Financial advisers have warned that over-indebted borrowers may opt for bankruptcy instead of entering into personal insolvency arrangements due to "over-punitive" personal income restrictions.
According to the Association of Expert Mortgage Advisors (AEMA), a professional debt management group, the personal insolvency regime needs to be less penal in terms of the minimum standard of living it allows, if borrowers in arrears are to be persuaded to endure its seven-year term rather than choose three years...
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