Wansbeck has highest bankruptcy rate

The Northumberland region of Wansbeck has been named England's bankruptcy capital, with the individual insolvency rate running at 57 per 10,000 ad…

The Northumberland region of Wansbeck has been named England's bankruptcy capital, with the individual insolvency rate running at 57 per 10,000 adults.

This is considerably higher than the national average, which is reported as being 27.1 per 10,000 following a dramatic rise to 31.1 in 2009.

However, the north-east continues to struggle with difficult economic conditions and a lack of employment, posting the highest regional bankruptcy rate of 35.2 per 10,000 adults.

The city of London, St Albans in Hertfordshire and various affluent suburbs came in at the opposite end of the chart, with the former area only posting a bankruptcy rate of four per 10,000.

Debt relief orders have become more popular than insolvency notices in recent years, reducing the number of people who are forced to file for bankruptcy.

Personal finance expert Michael Ossei recently warned that the double-dip recession and the rise in mortgage prices look likely to increase the number of personal insolvencies in the UK.

Posted by James Francis

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