Taking all forms of insolvency – including bankruptcy – into account, a total of 24,251 people were declared insolvent in the third quarter of the year in England and Wales.
This was a 6% increase on the previous three months, and 19.3% higher than the same quarter last year.
The Insolvency Service said this was driven by an increase in IVAs, which were 29% up year-on-year.
In the year to the end of September, one in 515 adults in England and Wales became insolvent.
Jane Tully, from the Money Advice Trust, the charity that runs National Debtline, said: “Given the economic uncertainty in the current climate, rising prices and the long-term trend of an increase in consumer credit, our concern remains for the minority of households that are…
