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calendar icon05 Feb 2024

Debt Relief Order applications at highest ever levels

The number of people entering insolvency in the last three months of 2023 was 3% higher than the year before, according to figures out from the Insolvency Service for England and Wales.

Driving the growth was debt relief orders (DROs), which achieved their highest quarterly figure since they were introduction in 2009.

The number of Individual Voluntary Arrangements (IVAs) were at a level similar to the three months previous and bankruptcy figures were slightly lower.

Breathing Space continued to play an essential role in helping people struggling with debt, with 20,890 registrations in Q4 – 15% higher than at the same time the year before.

Individual insolvency numbers at the end of the year were slightly higher than in the previous three months, but lower than they were during the same period in 2023.

Altogether, one 461 adults entered insolvency at some point in 2023 – 25% less than the year before.

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Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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