Decrease in personal insolvency not all positive

Overall levels of personal insolvency have fallen 7.2 per cent in Q3, compared to the same period last year, although there was a?slight increase (2.45 per cent) on the previous quarter.

Figures released by the government?s Insolvency Service reveal that 28,062 people entered into bankruptcy, Individual Voluntary Arrangements (IVAs) or took advantage of Debt Relief Orders (DROs).

Meanwhile, Nick Reed, director and personal insolvency expert at PwC, said the news was not all positive.

??The decrease in total personal insolvency compared to the same time last year is positive and demonstrates the trend of people paying down debt,?? said Reed.?

?However, the levels of personal debt remain high and show a slight increase since the previous quarter. This is indicative of the squeeze that consumers continue to face and lies against a backdrop of the threat of unemployment. ?I don?t see this situation improving in the near future.?
Britain?s coastal communities also continue to suffer from high levels of bankruptcy compared to the rest of the UK, according to Experian, who say that certain pockets of the UK are in stark contrast.

The global information services company?s analysis of insolvency statistics found that of the top ten communities appearing most frequently in the highest concentration of personal insolvencies list, only one ? Motherwell, near Glasgow ? was inland. The analysis also revealed that eight out of the top ten bankruptcy hotspots are in Scotland.

Jonathan Westley, Managing Director of Consumer Information Services at Experian UK & Ireland, comments:? ?Our analysis shows that most of the areas identified in the top ten have also seen higher than average rates of business insolvencies, which may have impacted unemployment levels and pushed them to the top of the league table for personal insolvencies.?

Source: http://www.themoneypages.com/latest-news/decrease-personal-insolvency-positive/

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