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.
Do you need debt advice?
We can help. All our debt advice is free and impartial. We’ll work with you to find the best solution for you depending on your personal circumstances. Some solutions are free others attract a fee.
Find out about free debt management plans here
Find out about an Individual Voluntary Arrangement here
Find out about Debt Relief Orders (DROs) here
Find out about debt consolidation here
Find out about bankruptcy here
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.
23 Feb 2024
New limits for online slot games will be introduced from September to provide greater protection for gamblers
02 Jan 2024
Find out how to tackle a financial hangover if you've overspent this Christmas.
21 Dec 2023
A report has called on the government to do more to protect people vulnerable to financial harm through gambling.
06 Dec 2023
With research suggesting 14 million of us will borrow to get us through the festive season, the Money and Pensions Service has urged people to take a breath before getting themselves further into debt.