Now residents with debt problems are being urged to seek advice at an early stage.
More than 8 in 10 insolvency and restructuring professionals questioned in a survey by their trade body R3 say they expect personal insolvency numbers to increase within the next 12 months.
Of these, the majority, 62 per cent, expect the increase to happen in October-December this year
Three in 10 think it will occur in the first quarter of 2021.
Allan Cadman, R3s North West Chairman, said the survey suggests the impact of the pandemic on peoples finances had been delayed.
Nearly half of respondents said demand for personal insolvency advice had decreased during April-May, while 38 per cent said it was unchanged.
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Read the full article at: https://www.burnleyexpress.net/lifestyle/spike-personal-insolvencies-predicted-later-year-north-west-experts-2942321
