0800 901 2475 Freephone, 7 days
insolvency Statistic

Q1 Insolvency Statistics 2014

The quarterly insolvency statistics for Q1 (ended 31st March 2014) have been released. They reflect an overall quarter–on-quarter increase in both individual and corporate insolvencies.

A longer term view of the insolvency statistics reflect a fairly stable trend evident since 2012, with overall numbers reducing.

This encouraging news coincides with the announcement by The Office of National Statistics (ONS) that Gross Domestic Product (GDP), the total value of production in the economy, and generally accepted as a measure of its success, is 0.8%. Within this statistic, services saw growth of 0.9%, production was up 0.8% and construction grew by 0.3%. However, agriculture decreased by 0.7%.

Within the last two weeks ONS also confirmed that nationally unemployment dropped by 77,000 to 2.24m, a drop of 0.3%. The largest decline was in London and the South West, while increases were experienced in the East Midlands, the West Midlands, Yorkshire and Humber and Scotland.

Overall it paints a bright picture but there still issues gleaning a clear picture regarding individual insolvencies. This is caused by a gap in information available. Debt Management Plans (DMP) are informal arrangements with creditors. As such there is no obligation (nor indeed a register) to record the volumes. Additionally, many people are temporarily putting off formal insolvency by using the likes of Pay Day Loan companies. The provision of these loans is theoretically intended for short-term needs but many of their customers “roll-over” loans until they can no longer afford to do so – at which point they become an insolvency statistic.

[embedCode]

If you are in financial difficulty or in a Pay-Day-Loan debt spiral, the best advice is to take professional advice from a licensed insolvency practitioner.

For free confidential advice contact Wilson Field.

Further Reading

Source:  BBC Business News

 

 

If you found this article informative and helpful...Please Share!

Leave a comment

Related posts

Sign up for our newsletter and support Neurocare’s ROSA robot project…

Our newsletter is full of financial advice for businesses and individuals and latest news.

We are helping Neurocare to fund their ROSA machine. This state of the art robot is the first of its kind to be brought to the UK and installed in a NHS hospital here in Sheffield. - Read More

Currently for every newsletter sign up we receive, we will donate £2 to Neurocare.

Disclaimer: We guarantee privacy with your information and you will not receive spam emails for us.