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Insolvency figures `hide true extent of debt problems`

09/05/2008

The increase in individual insolvencies is not showing the real extent of the debt problems in Britain, according to the insolvency trade body R3.

There was a 1.7 per cent rise in the number of individual insolvencies in the first quarter of 2008 from the last quarter of 2007, according to new data.

Nick O`Reilly, the president of R3, commented: "The true number of individuals unable to pay their debts in the UK could be three times higher than the Insolvency Service`s figures due to those in debt management plans not being counted."

Mr O`Reilly also added that most insolvency practitioners in the UK are predicting a continued rise in the figures as the credit crisis continues to get worse in the foreseeable future.

Almost 16,000 people in England and Wales went bankrupt during the first three months of this year, with another 115,000 predicted insolvencies for 2008, according to Capital Economics.

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