So according to an article in the FT today, the credit rating agency Experian, the M4 corridor is a "major hotspot" for IVAs (Individual Voluntary Arrangements).
The thing is, it seems, the really poor have nothing to lose by going bankrupt so it's those to whom going bankrupt represents a significant social stigma who opt for the IVA route.
I live in the M4 corridor and I can't say it surprises me. I really can't see how a lot of people are managing to make ends meet while at the same time keeping up appearances.
I can think of a few reasons why the M4 corridor should be a hot spot. For a start, the area has plenty of decent jobs (especially in areas like IT and telecoms) and therefore attracts people both from other parts of the country and from overseas. People moving into an area from outside won't have local family support networks and therefore their cost of living is going to be higher. Of course, this area has high house prices, which adds to the burden. Finally, the IT and telecoms industries tend to be boom/bust so I can forsee a situation whereby the major bread winner loses their job.
Seems to me there's a credit crunch on its way.
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