Personal Insolvencies fall in Q3 from record high
The Insolvency Service released it’s latest quarterly statistics on 30 October 2018 and the headline is that total individual insolvencies in Q3 2018 were 10.5 percent lower than in the previous quarter and 2.5 percent lower than in the same quarter the previous year.
This would appear to be positive news, but whilst individual voluntary arrangements (IVAs) fell from 17,114 to 14,040, bankruptcies and Debt Relief Orders (DROs) were on the increase. There has been a 12% increase in bankruptcies on the same quarter (Q3) in 2017 – 3,702 (2017) to 4,145 (2018).
Whilst there is record employment in the UK, it would appear there is insufficient funds to even cover the basics and that an ever- increasing number of people have stretched their budget to the maximum.
This increase in the number of bankruptcies arrives before the festive season and the pressure that the ‘Christmas spend’ can exert on families.
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