Steep rise in number of people being declared insolvent

The Insolvency Service, R3, has reported a concerning rise in the number of personal insolvencies in the UK. According to official figures, the number of people unable to pay their debts rose in the second quarter of the year by 22% on the same period last year. This is despite the fact that interest rates are at a record low, and unemployment rates are high. 

The cost of living is however going up and this is clearly having a huge impact on people's ability to keep on top of their debt. Just today, estate agent's eMoov said that their analysis of Land Registry data has revealed that the cost of buying a London home has increased by a staggering 55% in just four years, putting even more pressure on first-time buyers. 

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.