Individual insolvencies in the South West have decreased from 15,108 (35.8 per 10,000 adult population) in 2010 to 13,048 (30.4 per 10,000) in 2011, according to R3, the insolvency trade body’s analysis of the Insolvency Service’s statistics.
Joanne Rumley, chair of the R3 South West and Wales region and Partner at law firm Bond Pearce, said: “The decrease in insolvencies is, on the face of it, encouraging news given the challenging economic environment that individuals are having to deal with. However an average decrease across the country does not necessarily indicate that individuals are better at dealing with their personal finances. It is possible that they have chosen to enter into a debt payment plan which will not show in the insolvency statistics.
“We have every reason to believe that 2012 is going to be tougher than 2011 so those who are struggling with their personal finances, should seek advice now to prevent it becoming insurmountable.”
