Insolvency numbers show the levels of debt people are facing is catching up with them
15th December 2020
Commenting, Louise Brittain, Restructuring and Insolvency Partner at Azets, the UK’s largest regional accountancy and business advisors to SMEs, said:
“The insolvency numbers this month show that debt is beginning to catch up with people. The numbers also indicate there is a significant number of people that are now in real financial difficulty, with substantial debts built up and needing to be managed.
The numbers published today highlight there has been a near doubling in the number of Individual Voluntary Arrangements or IVAs to 9319 in November. This tells us that people are actively seeking to manage their debts but also that the level of unsecured debt for many will be greater than £20,000. The number of personal bankruptcies reflects a similar picture, with an increase over the prior month, and again indicates the number of people that are struggling financially.”