Personal insolvency up 4.2% says government
Mortgage possession orders rise to 1993 levels
Personal insolvencies in England and Wales rose 4.2% in the three months to July compared to the same period of the year before, government figures have shown.
The total 26,956 was 8.1% down on the first quarter however, said the statistics. Bankruptcies over the quarter were up 7.7% on the same period of 2006.
Individual voluntary agreements (IVAs), which allow debtors to pay off part of their debt while writing off the rest, were down 15.1% after a sharp increase in the first quarter of the year.
Company liquidations were down 4.2% on the same period of the year before however, at a total 3,032 in the quarter, with 1,349 compulsory liquidations and 1,682 voluntary.
‘The insolvency figures released today again highlight the need to ensure people have sufficient financial skills to make informed financial decisions,’ said Rod Mckee, head of financial capability at the ifs School of Finance.
‘Equipped with such skills the number of people who find themselves facing unmanageable debt problems will reduce considerably.’
Source: citywire.co.uk
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