In 2016, seven of the top ten areas for personal insolvencies were in seaside towns.
According to recent research, of the 348 towns surveyed for personal bankruptcies, Torquay took top spot with 43 insolvencies per 10,000 population, compared with national average of 19.7.
Other high insolvency coastal areas include Scarborough – third worst at 38.2, Hull seventh at 35.8, and Plymouth and Blackpool, eighth and tenth worst respectively at 35 and 34.6.
The lack of the economic diversity of bigger cities and high reliance on low-spending domestic tourists for employment contributed to the issues faced by individuals in seaside towns.
A spokesperson for the report says: “Bankruptcy in the more rundown of the British seaside towns has become an epidemic.
“As seaside tourism declines, there is less chance for these areas to reinvent their image as exciting, vibrant places for business to thrive.
“High levels of debt show the underlying fragility of those economies and the low levels of accumulated wealth in these towns.”
Personal insolvency can be an overwhelming and stressful experience. Before taking that painful step, expert advice should be sought so that all options can be considered. If there is no alternative, then an understanding insolvency practitioner can make the process as painless as possible.
Our experts at our partner business BM Advisory can help. Whatever your situation, the sooner you contact us the more options you will have available to you. Your initial consultation is free of charge, and you can rest assured that it will be in total confidence.
To find out more or to discuss your specific circumstances, please contact Andy Pear or Mike Solomons.