A record number of people have been declared insolvent in England and Wales in the first 3 months on 2010. There were 35682 personal insolvencies in the first quarter of the year, a rise of 17.9 percent on the same period in 2009. However the official figures show fewer people are opting to go bankrupt to deal with their debt problems. More people are taking out Debt Relief Orders which deal with unsecured debts under £15000, with almost 6000 (5644) taking this option. There was a 20.1 percent rise in the number of people opting to take out an Individual Voluntary Arrangement (IVA). An IVA is a good debt solution for people with unsecured debts of over £15000 allowing you to pay a manageable monthly amount over a period of 5 years. The number of people being declared insolvent has reached a new high for a fifth consecutive quarter.
More people being declared insolvent
May 10, 2010 By
