Dorothy Brown of Even Keel Financial points out that personal insolvencies are increasing – up 22% in fact. 22,500 people became insolvent this spring, despite a strong jobs market and recovering economy.
According to Insolvency Service data , 22,503 people went insolvent across England and Wales in the second quarter of 2016, marking a 22 per cent increase compared with the same period in 2015 and a 7 per cent upswing compared with the previous quarter,
The latest figures mean that over the past 12 months, one in every 541 adults became insolvent – an increase for the first time in two years, the service warned.
Personal insolvencies are made up of bankruptcies, individual voluntary arrangements (IVAs) and debt relief orders (DROs).
Please contact me for a non-committal, no-obligation chat if you have any concerns about this yourself.
Our comment – It’s best to deal with this situation preemptively before ‘it’ hits the fan.
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