The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders (DROs) jumping to a record high, according to the Insolvency Service.
Some 117,947 personal insolvencies were registered in 2024, 14% higher than the 103,434 recorded in 2023.
Within the total, there were 43,249 DROs – the highest annual number on record and 36% higher than in 2023.
This followed the removal of a £90 administration fee to obtain a DRO from April 2024 and the expansion of eligibility criteria in June last year, with the debt threshold being increased from £30,000 to £50,000.
In 2024, 57% of individual insolvencies were individual voluntary arrangements (IVAs), 37% were DROs, and 6%…
