The number of people going financially insolvent after being unable to pay their debts across England and Wales fell by 5% in the first three months of this year.
ome 29,140 personal insolvencies were recorded between January and March, the Insolvency Service said.
It said the number of insolvencies was 5% lower than in the fourth quarter of 2020, with numbers of individual voluntary arrangements (IVAs), debt relief orders (DROs) and bankruptcies all lower.
IVAs, which are agreements whereby money is shared out between creditors, accounted for more than three quarters (77%) of personal insolvencies in the latest quarterly figures.
In the first quarter of 2020, 28,936 personal insolvencies were recorded, so the latest total is 1% higher …
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