Latest data reveals bankruptcies on the rise | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 06/08/2019

Between April and June, the number of bankruptcies increased by 3.3% compared to the first three months of 2019, recent data published by The Insolvency Service reveals.

According to the data, bankruptcies have increased by 137 year-on-year, with 4,091 bankruptcies filed between April to June 2018 compared to 4,228 made during the same period in 2019. Along with the rise in bankruptcies, there has also been a rise in the total individual insolvencies and individual voluntary arrangements year-on-year. The number of total individual insolvencies has increased by 2,088, from 28,869 between April to June 2018 to 30,937 during the same period this year, while individual voluntary arrangements have increased by 2,154, from 17,802 in the second quarter of 2018 to 19,956 during the same period in 2019.

What to do if you’re in debt

Consumers who are in a large amount of debt or who are struggling to manage their debt should speak to a debt advice charity such as StepChange Debt Charity or Debt Advice Foundations. Other organisations such as the Citizen Advice will be able to provide debt advice as well.

For those with a smaller amount of debt looking to get debt free take a look at our guide 12 Steps to Get Debt Free.

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