People in Stoke-on-Trent were the most likely to become insolvent, new figures have revealed.
In 2017, a total of 888 people from the area were accepted for bankruptcy, a debt relief order (DRO) or an individual voluntary arrangement (IVA). This works out as one person in every 223 people living in the Stoke-on-Trent area! The average in England and Wales was one in every 469.
Places with the highest number of individual insolvencies in 2017
Area // Insolvencies // One per X adults
- Stoke-on-Trent // 888 // 223
- Plymouth // 851 // 248
- Kingston upon Hull // 807 // 253
- Blackpool // 423 // 262
- Isle of Wight // 433 // 267
- Torbay // 408 // 270
- Halton // 322 // 308
- Rhondda Cynon Taf // 614 // 309
- North Somerset // 543 // 313
- North East Lincolnshire // 394 // 318
The data was published by The Insolvency Service under Freedom of Information laws.
Struggling With Debt?
If you are struggling with debt, then one of the most popular options is an IVA – a formally binding agreement to pay back debts over a set period of time. Repayment plans, which typically last five years, are drawn up with an insolvency practitioner and then put to the creditors. If the payments do not cover the debts in full, the remainder is written off!
Why not talk to a trained adviser today? Our advice is completely free and there is absolutely no obligation to use any of the services we may suggest to you. What have you got to lose? Fill in this short form and we’ll get back to you!
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