Insolvency Statistics Revealed- Calm Before The Storm...posted on 5 November 2010 | posted in General Category | ( 0 ) CommentsQ3 Insolvency Statistics have been revealed to show and interesting take on personal insolvency in England and Wales so far this year. However Integrity Debt Solutions believe that the figures are just the tip of the iceberg, and trade body R3 has warned the latest insolvency figures could represent "a calm before the storm". Debt Advisers at Integrity say that " while these figures show a decrease they are not realistic in regards to bankruptcies, because we are in effect behind with these statistics and will only see the true effects of personal insolvency at the end of Q2 2011." "We are seeing a monthly increase in personal bankruptcy and we deal with the courts on a daily basis, they too are advising that they themselves are seeing an increase in people petitioning for bankruptcy" "This is only the start of things to come, and with government cuts going to affect millions, personal insolvency is going to see a sharp rise in the next 12 months". There were 33,935 individual insolvencies in England and Wales in the third quarter of 2010. This was a decrease of 3.7% on the same period a year ago. This was made up of 13,907 bankruptcies, 12,960 Individual Voluntary Arrangements (IVAs), and 7,068 Debt Relief Orders (DROs), which have increased each quarter since their introduction in April 2009. In the third quarter of 2010, 84.4% of bankruptcies were made on the petition of the debtor, broadly comparable to the levels for recent quarters. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 12.8% in the second quarter of 2010 (third quarter 2010 figures for trading-related bankruptcies are not yet available), similar to the level for last year as a whole. Integrity Debt Solutions strongly recommends that anyone who is unsure about their debt to seek professional advice and help. There are too many people now being given the wrong solution to debt, which is adding to the stress and pressure on their families. If you have any concerns about debt, please call us now for free impartial professional advice on 01743 272900 or see our website for further details. Share this blog entry:
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