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Rising insolvencies point to tougher times ahead

Money Advice Trust comments on 13% rise in insolvencies in 2016.

The Insolvency Service has today published insolvency statistics showing that the total number of individual insolvencies rose to 90,930 in 2016, up from 80,404 in 2015 – an increase of 13.1 percent.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:

“While the government is rightly focused on those who are 'just about managing', these figures are a reminder that a smaller but growing number of households are not managing at all.

“The rise in insolvencies in 2016 points to tougher times ahead for UK households. At National Debtline we are already seeing our busiest January in years, with calls up 17 percent on last January and a rise of 55 percent in the number people seeking advice online.

“With household debt levels growing significantly and inflation now beginning to rise, we expect demand for debt advice to continue to be significantly higher this year than last.

“Our advice to anyone struggling to cope with their debts is to seek free advice from charity-run service like National Debtline as soon as possible – as the earlier you seek advice, the quicker and easier the problem will be to solve.”

National Debtline offers free, independent and confidential advice 24 hours a day online at www.nationaldebtline.org or on 0808 808 4000, Monday to Friday 9am to 8pm, and Saturday 9.30am to 1pm.

 
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