Debt solutions: insolvencies fall

There were fewer consumers needing debt solutions in the third quarter of 2010, according to The Insolvency Service.

33,935 individual insolvencies were recorded in England and Wales between July and September this year - a fall of 3.7 per cent compared to the same timeframe last year.

Bankruptcy was down 24.2 per cent against 2009, but insolvencies registered as an IVA rose by 4.6 per cent.

Reacting to the figures, president of R3, Steven Law said: "Increases in unemployment would obviously trigger more personal insolvencies, and seeking advice early is the only way to deal with this stressful situation."

Kevin Still, Director of Atlantic Financial Management says "There has been a continued rise in Debt Relief Orders (DROs) since their implementation in April 2009, reflecting a need for a low cost personal insolvency solution for those with low income and minimal assets.

The year-on-year rise in Individual Voluntary Arrangements (IVAs), including more homeowners, may reflect that middle England is increasingly affected by the recession".

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