DCA reports bankruptcy rise
The amount of people in England and Wales seeking to declare themselves bankrupt rose by 20 per cent and the total number of bankrupts reached 15,796.
Commenting on the figures, Mark Sands, director of court work at analyst firm KPMG said he was not surprised by the figures: “With average debt levels as high as this, it is unsurprising that we are seeing more and more people choosing personal insolvency as the solution to their problems.”
These figures follow on from Insolvency Service data which also showed a massive rise in bankruptcies.
As with those figures, the DCA numbers also showed a surge in the amount of Individual Voluntary Arrangements (IVAs) taken out, rising 153.2 per cent on the same period a year ago.
Yet this could be part of a growing trend as more people get themselves into debt.
“The number of people opting for insolvency shows a culture change which we think is permanent – these levels of voluntary insolvency are here to stay,” added Mr Sands.
