The number of people declared insolvent reached a seven-year high in 2018, according to figures.
There were 115,299 personal insolvencies in England and Wales last year, a 16.2% rise on 2017 and the highest annual level since 2011, statistics from the Insolvency Service reveal.
This was primarily driven by increases in individual voluntary arrangements (IVAs) which reached their highest annual total on record. There were 71,034 IVAs in 2018, an increase of 19.9% on 2017.
Bankruptcies also went up by 9.8% to 16,582.
Richard Haymes, head of financial difficulties at TDX Group, said: We expect insolvencies to remain at this high rate throughout 2019 and 2020, fuelled by high consumer lending and the forceful marketing o…
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