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Insolvency rates rising

08/05/2008

Insolvency rates are increasing across England and Wales, according to the latest data compiled by the Insolvency Service.

During the first three months of this year more than 25,000 people entered either an individual voluntary arrangement (IVA) or bankruptcy, which represented an increase of around 1.7 per cent on the previous quarter.

Of the two forms of insolvency, entering an IVA appears to be growing most sharply in popularity, with 4.3 per cent more people taking up the option in the most recent quarter compared with the last three months of 2007.

Expert opinions vary on how many consumers in England and Wales will be declared insolvent this year, with accountancy firm KPMG estimating that the figure will top 130,000.

Meanwhile, the latest data from the Credit Action charity has suggested that the overall scale of the UK`s personal debt burden increases by almost £309 million every day.

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