Insolvency statistics for the 2nd quarter of 2016 (April – June) show that the number of individual insolvencies rose for the fourth consecutive quarter to 22,503, an increase of 6.9{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on the previous quarter and 22.4{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on the same period last year. Total personal insolvencies have increased every quarter since quarter 2 of 2015 and IVAs are at their highest level since quarter 3 of 2014.
There were 3,537 bankruptcies, a decrease of 5.4{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on quarter 1 2016 and a decrease of 11.2{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on quarter 2 2015
There were 6,741 Debt Relief Orders, a slight increase of 0.3{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on quarter 1 2016 and a more significant increase of 15.6{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on quarter 2 2015. These numbers may have been affected by the changes in the Debt Relief Order eligibility criteria in October 2015.
Most notable was the increase in the numbers of Individual Voluntary Arrangements (IVAs) to 12,225, almost 1,000 per week! In the corresponding period in 2015, there were 8,568 IVAs and the latest numbers represent in increase of some 42.7{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} from the 2015 level. The first quarter of 2016 showed numbers at 10,591 and so the latest figures represent an increase of 15.4{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} in quarter 2.
Although the statistics are interesting, they cannot reveal the stress and anguish personal insolvency causes to both the individual with debt issues and their families. As Insolvency Practitioners with active offices in both Burnley and Leyland, TH Financial Recovery offers free impartial advice on the solutions that may be available to those suffering from debt problems. Although TH Financial Recovery assists individuals throughout the UK, statistics show that areas in the North West are amongst those most badly affected by debt issues and so we are ideally placed to offer the personal assistance and advice that people may need.
Please do not hesitate to ring 01282 332222 or 01772 641146 to talk to one of our advisors.