Personal Insolvencies Drop Slightly

New figures released by the Insolvency service has shown a drop in the number of people entering an insolvency debt solution over the past year.

While there was an increase of 1% when compared to the the previous quarter, there was a drop of 1.2% in comparisson to the same period last year as shown from the chart below taken from the insolvency serivce.

A spokesperson for Debt Support Trust said, “the number of people entering insolvency solutions is declining, which is excellent. The stats are still too high and additional support is required.

The UK insolvency problem is unlikely to be resolved quickly. People are treading water financially as unemployment, inflation and general cost of living in the UK rises – these are the people that most need our help.”

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy