Quarterly increase in IVAs revealed
Quarterly increase in IVAs revealed
Monday 10th November 2008
According to the Insolvency Service, the number of personal insolvencies in the UK reached 27,807 during the July to September period – a rise of 8.8 per cent on the previous year.
Meanwhile, the number of bankruptcies reported during the three months increased by 12.1 per cent to 17,341.
A total of 9,746 people took out an IVA to freeze interest on their debts and organise repayments during this period.
The figures show that nearly 300 people were being declared insolvent each day from July to the end of September, indicating the increasingly severe consequences of the financial crisis on the 'real economy'.
UK business owners are also suffering in the current climate – the Insolvency Service data shows that the number of company liquidations stood at 4,001 for the third quarter – an increase of 26.3 per cent on 2007 levels.
Citizen Advice Bureau managers around the country have this week reported a significant rise in the number of inquiries relating to debt, mortgage repayments and repossessions.
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