Personal insolvency rate 'likely to remain high'
Date posted: 12 May 2010
The number of people entering insolvency is likely to remain at a very high level in the near future, a Credit Action expert predicts.
Published by Louise Border.
The UK's high personal insolvency rate is unlikely to reduce any time soon, a debt expert has predicted.
Between the first quarter of last year and the same period of 2010, the number of English and Welsh individual insolvencies went up by 17.9 per cent, the Insolvency Service recently confirmed.
This year, the three-month period saw 35,682 such insolvencies.
This trend may well continue in the near future, Chris Tapp, the director of Credit Action has suggested.
"I think we will still continue to see personal insolvencies very high for some time until employment begins to filter back into the system and more people can get back into jobs," he remarked.
Pay reductions may have had a negative impact on some of the country's workers in recent times, the expert commented, adding further strain to their finances.
Meanwhile, a lack of overtime might also have proven problematic for certain employees, the expert added.
Please contact Ed Turner, head of services for individuals, for further information or call 01223 225196
Click here to email or call on 01223 225124.
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