Debt: 300 personal insolvencies a day

13 November 2008

New statistics released by the Insolvency Service show that in the three months to September, almost 300 people were day were being declared insolvent.

The statistics showed that 27,087 individuals were declared insolvent between July and September this year, a rise of 8.8% on the previous three months and 4.6% higher than the same period in 2007.

Individual bankruptcies had risen by 12.1% over the quarter, while IVAs (Individual Voluntary Arrangements) had risen by 3.3%.

“The news is further confirmation of the financial difficulties many British citizens currently face due to rising costs of living,” said a spokesperson for debt management company Gregory Pennington.

“Since the effects of an economic downturn tend to filter through gradually, it’s very possible that we will see increasing numbers of people falling into debt over the next few months.

“For that reason, we urge all consumers to take care of their finances, and anyone who finds themselves struggling with debt should seek expert debt advice as soon as possible.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).