The number of people becoming financially insolvent reached a three-year high across England and Wales during 2017, official figures show.
Some 99,196 personal insolvencies were recorded, marking a 9.4% rise on 2016 and the highest annual total since 2014, when there were 99,223 cases.
It marked the second year in a row that the numbers have increased.
The figures, released by the Insolvency Service, are made up of three types of personal insolvency – bankruptcies; individual voluntary arrangements (IVAS), where money is shared out between creditors; and debt relief orders (DROs), which are aimed at people with lower amounts of debt but no realistic prospect of paying it off.
Of the 99,196 people who became insolvent in 2017, 59.7% had IVAs,…
Read the full article at: https://www.aol.co.uk/money/2018/01/26/personal-insolvencies-across-england-and-wales-reach-three-year/
