The number of people going financially insolvent across England and Wales jumped to a seven-year high in 2018, official figures show.
Some 115,299 people went insolvent during 2018 marking the third year-on-year increase in a row and the highest annual total since 2011 when 119,943 cases were recorded.
The figures, released by the Insolvency Service, are made up of bankruptcies, which are often seen as a last resort; debt relief orders (DRO), which are aimed at people with lower debts but no realistic prospect of paying them off; and individual voluntary arrangements (IVAs), where money is shared out between creditors.
Of the people who went insolvent last year, 61.6% used an IVA, 24% used a DRO and 14.4% entered bankruptcy.
Meanwhi…
Read the full article at: https://www.bmmagazine.co.uk/news/personal-insolvencies-in-england-and-wales-jumped-to-seven-year-high-in-2018/
