The years ahead could see even greater personal insolvency rates in areas of both England and Wales, it has been suggested, which may interest those who are aiming to overcome a
bad credit rating.
According to Steven Law, president of the
Association of Business Recovery Professionals (R3), a 350 per cent rise in such insolvencies has already been experienced in the past ten-year period.
He stated: "Our research also shows that 42 per cent of the British population are currently finding it a struggle financially to get through the month."
The expert went on to say: "We would expect personal insolvencies to continue to rise right across England and Wales over the next few years."
Mr Law made his comments following the publication of new R3 figures which relate to personal insolvencies in English and Welsh regions.
The trade body's personal insolvency map shows that Torbay had the most new personal insolvency cases last year, with 470 being recorded over the 12 months in question.
Meanwhile, Mansfield was found to have the second largest number of new insolvencies in 2009, as a total of 442 new personal insolvencies were seen in the town over the course of the year.
Highlighting some of the constituencies that are represented by major political figures in the UK, R3's research also found that Labour leader Ed Miliband's patch - Doncaster North - had the 16th highest number of new personal insolvencies.
Meanwhile, separate research published by R3 has this month shown that a number of UK consumers currently have concerns about issues relating to their debts.
As many as four out of ten of the country's residents have debt worries at the present time, the organisation's figures suggested.
This is equivalent to nearly 19 million consumers, the body pointed out.
Posted by Martin Peacock.
