Individual Insolvency numbers up

Published: 8 August 2009 By MoneyhighStreet Staff Leave a Comment

According to the latest figures from the Insolvency Service, the number of individual insolvencies in the second quarter of 2009 was up over 27% on the same period last year.

Debt managementThe individual insolvency numbers were comprised

  • 18,870 bankruptcies – involving a formal court order and any assets are used to pay creditors
  • 12,225 Individual Voluntary Arrangements (IVAs) – an arrangement agreed with those owed money
  • 1,978 Debt Relief Orders (DROs) – an alternative to bankruptcy only introduced this year, available to those who have debts of less than £15,000 and limited assets.

Anyone concerned about the amount of debt they have should be proactive and seek specialist debt management advice.

Left unchecked debts can quickly get out of control and can lead to serious consequences – the sooner action is taken the better.

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