Qualified advisers answering your
Financial Questions
call 0800 092 1245

Insolvency hits seventy people an hour in the UK

The latest figures from The Insolvency Service confirm that the situation in the UK is getting worse. A total of 35,682 people in England and Wales were declared insolvent during the first three months of 2010 which is a 17.9% increase on the same period last year and the highest level since records began. So is this the top of the insolvency mountain?

Unfortunately, many experts believe that when UK interest rates finally do move higher we will see more insolvencies and bankruptcies across the UK. In what could become a nightmare scenario we could actually just be touching the tip of the iceberg and the main problems could yet be below the surface. When you also consider the impact this will have upon the UK economy and consumer spending it is difficult to have real confidence in the UK recovery in the short to medium term.

Bankruptcy, insolvencies and other debt arrangements have historically continued to rise even when economies have turned the corner. This is likely to be the case at the moment and debt advisors are working overtime just to service current demand. Where this will end nobody knows but more and more people in the UK are feeling financially insecure.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details