Recent findings by the global information services company – Experian – has revealed that social renters (those who rent a property from a Local Council or Housing Association) and short-term renters are two groups facing the highest rates of personal insolvency in the UK.
Younger families on restricted budgets experienced the highest rate of insolvencies at 16 in every 10,000 households, whilst single people privately renting short-term and low-cost homes suffered the second highest number of insolvencies at 13 in every 10,000 households.
Experian’s findings also revealed that any economic ‘recovery’ has not spread evenly to all areas of the UK, with personal bankruptcies remaining very high amongst people residing in coastal towns. In fact, half of the towns in the top-ten list of the highest insolvency rates were located in coastal areas.
On a wider level, the national average for personal insolvencies appears to have worsened slightly year on year, from 6 in every 10,000 households in Quarter 1 of 2014 to 7 in every 10,000 in Quarter 1 of 2015.
If you are concerned about your personal debts, a confidential discussion with an experienced and qualified specialist to talk through the range of options available may well be the best course of action. Please contact us if you would like an initial consultation, free of charge