- Friday, 6 November 2009A record number of people were declared insolvent in the third quarter of 2009, new figures show.
According to the Insolvency Service, personal insolvencies in England and Wales increased by 28 per cent year-on-year, reaching a total of 35,242 for the quarter.
The rise was also a 6.6 per cent increase on the previous quarter.
With an increasing number of people struggling to cope financially, more may seek advice on
individual voluntary agreements (IVAs) in order to try to avoid insolvency or bankruptcy.
Louise Brittain, of Deloitte, warned consumers that while the figures were indicative of the financial predicament in which the nation finds itself, there was yet more to come.
She told the BBC: "These figures are overwhelming, but not surprising, and unfortunately the end is not in sight."
Ms Brittain's comments were supported by IHS Global Insight economist Howard Archer, who said that individual insolvencies would continue to rise for "some time to come", according to Reuters.
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