Tag Archives: insolvencies

The top 5 debt and money news stories for February 2017

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With gloomy January out of the way, we take a look at the latest personal debt statistics from the Bank of England, get the low-down on why so many banks are closing high street branches, and find out about the rising number of us applying for insolvency.

Not only that, we’ll explore research suggesting you could be saving on your ‘big shop’ and we look at how the Government is changing the benefits available to the bereaved…

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Is it brighter news for the number of insolvencies?

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Sun and dark clouds

OK, so is the storm coming or going?

The insolvency figures for July to September 2011 were released on Friday and the number of personal insolvencies fell during the summer.

Compared to the same time last year, the number of people who became insolvent fell by 11%, to 30,219. In real terms over 3,500 fewer people became insolvent in July to September 2011 compared to July to September 2010.

But if you’re in debt and think that a formal solution is your way out, what’s the next step?

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It’s the recession hitting women harder, not the shopping bill

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Female unemployed sign

The recession bites for women

The Insolvency Service recently released the new insolvency figures for April to June 2011 and a leading accountancy firm has found that there’s been a big rise in female insolvency – taking out Individual Voluntary Arrangements (IVAs) or Debt Relief Orders (DROs), or opting for bankruptcy.

According to RSM Tenon, 14,827 women took out some form of insolvency in the three months to June and females now account for 48% of personal insolvencies (up from 32% in 2002). Female insolvencies also outnumber males in two of age categories, for 18-25 years olds and 26-35.

In their press release the accountancy firm  wonder if,

“There’s an element of truth that the offer of buying handbags with pricey store cards is sending more and more women bust.”

However, from our experience, this isn’t about ‘shopping till you drop’ but about sudden income shock.

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