This makes for some sober reading, particularly if looking at the total number of individual insolvencies- the figure is an astounding 134,142- an increase of 26% from last year. Representing:
This is the highest total since official records began in 1960.
Albeit that the economy is slowing recovering, people made unemployed or redundant last year are still feeling the effects, not helped by lenders and institutions taking a hard line with individuals.
Creditors have also started to get tough, according to Louise Brittain of Deloitte. This was reflected in the jump in IVAs, when individuals come to an official deal with their creditors.
“This is a result of increased creditor pressure which is unlikely to let up any time soon, and highlights the desperate financial difficulties facing individuals,” she said.
She added that the rise at the end of 2009 was surprising given that many people tended to delay dealing…
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