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2009 sees record number of Individual Insolvencies

Statistics released today by the Insolvency Service show that 2009 saw a record number of individual insolvencies - 134,142 in total. These figures show an increase in the number of Debt Relief Orders being declared, coupled with an increase in the take up of IVAs. These figures also show that bankruptcies - the most sever form of personal insolvency- have increased by 11 per cent on 2008. Recession, unemployment and economic uncertainty can be directly attributed to this increase and predictions for 2010 show no ease in the surge of individual insolvencies.

Nigel Stockton, Director of ClearStart has today said “Today’s National Insolvency Statistics show a clear divergence in the way consumers are dealing with their debt.  Furthermore, given the likelihood of interest rate rises coupled with a slow economic growth forecast then it is likely that individual insolvencies will continue to rise throughout 2010”

The rise in IVAs suggests that consumers are beginning to address their debt problems at an earlier stage which is the best recommendation that can be given to anyone struggling with their finances. 

To ensure that consumers receive prompt help when in financial difficulty ClearStart provide immediate debt advice, there is no need to book an appointment and a single phone call will result in immediate assistance.”

ClearStart aims to help solve debt problems not just an ability to live with the debt. Recommendations are based on the individual situation and all advice is free. The website www.ClearStart.org, offers practical advice for people and provides an online application form or there is a ClearStart telephone helpline available on 0800 988 9345.

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