Personal insolvencies up for first time in a year
by Katie Allen from on (#RZYX)
Third-quarter increase in England and Wales raises concerns about households struggling with debt even before interest rate rise
The number of people being declared insolvent in England and Wales has risen for the first time in a year, prompting warnings that households are struggling to with debt even before interest rates rise.
Official figures show individual insolvencies rose 2.8% in the third quarter compared with the previous three months, but they were still down 18.5% from a year ago. The rise, the first since the second quarter of 2014, was driven by an increase in individual voluntary arrangements (IVAs),in which money is shared out between creditors, the Insolvency Service said
