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Follow on Google News | Bankrupt Britons Turn To Last Resort Insolvency ProcessesFigures released yesterday by the Government’s Insolvency Service revealed that levels of personal insolvency in the UK have increased for the ninth consecutive quarter and are at the highest level since records began.
By: Straightalkdebt “A massive 35,682 people entered into personal insolvency in the first three months of 2010, showing that the record number of personal insolvencies reached last year is showing no signs of slowing as the UK economy comes out of recession. The UK consumer continues to struggle with personal debt and will do for some time yet. "Additionally, there is a hint in this quarter''s figures that people are turning to the last resort measures of bankruptcy and Debt Relief Orders, rather than IVAs which are more structured and designed to return funds to creditors. This demonstrates that consumers are having increasing difficulty in reaching compromises with creditors due to lack of available funds." The figures show that 18,256 individuals in England and Wales were made bankrupt this quarter, 11,782 entered into Individual Voluntary Arrangements (‘IVA’) and 5,644 Debt Relief Orders (''DRO''). This total number of personal insolvencies in Q1 of 2010 is a 17.9% increase on the same quarter of 2009. http://www.straightalkdebt.com End
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