Debt management company Payplan.com has created an interactive map detailing levels of secured and non-secured personal debt in different areas of the UK. The map also shows how many people are seeking help with their personal finances in the regions identified. It covers the majority of postcodes in the UK, and reveals which areas are growing in terms of help needed with debt.
The map reveals how many people came to Payplan in need of debt advice in every postal area. Its stats concerning insolvency show a surprisingly large number of people living in relatively well-to-do parts of the country have, with the help of Payplan, declared bankruptcy.
Of all the postal areas in the country seeking help, the most intense was CR0 in Croydon. Of all the people who were advised on how to manage their debts there, 131 people had entered IVAs, while three people had declared bankruptcy. The next highest area was CV6 in Coventry, where 104 new IVAs and one new bankruptcy case were started in the past 12 months. Third was TA7 in supposedly wealthy Somerset.
The amount of total debts for each area varied greatly. In Prescot, Merseyside (L34), the average debt level of people coming to Payplan stood at £442,528.30. Meanwhile, the lowest was for SO17 in central Southampton. The average figure was £14.607.89.
While the total debts of Payplan clients combined were over £3bn, according to director Jason Eaves, this only scratches the surface. He said:
“We know that on average only one in six people with debt problems will seek help. Often these people feel isolated and alone and don’t know where to turn. What this map clearly shows is the scale of the problem throughout the UK and we want people to be aware that free debt help is available.”
“For many in debt, IVAs and bankruptcy may be the only options available for them to sort out any debts they have. Although they can be messy and, in some respects, punitive, they’re useful for helping all parties involved to reach an agreement that’s best for everyone.”