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700k `on Debt Management Plans`

05/06/2009

Official insolvency figures are neglecting to include the 700,000 people who are currently on Debt Management Plans (DMPs), it has been revealed.

Figures from R3 - the Association of Business Recovery Professionals - show the official number of insolvencies in 2008 as standing at 190,000.

But the real number of people experiencing debt management difficulties is closer to a million, the organisation adds.

This is due to the 700,000 DMPs not counted in insolvency reports - which take the overall total to 890,000.

Between August 2008 and February 2009 alone, the number of new DMPs set up in the UK grew by 17 per cent, R3 adds.

This is greater than the full-year increase in the number of IVAs set up over the course of 2008.

Figures for the last quarter of the year from the Insolvency Service show quarterly growth of 5.9 per cent and an annual increase of 12.2 per cent in new IVAs applied for in the UK.ADNFCR-667-ID-19204589-ADNFCR

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