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London leads in individual insolvency levels 11 December 2013

New figures from The Insolvency Service show 77% of English and Welsh parliamentary constituencies saw a decrease in individual insolvency rates between 2011 and 2012.

The rate of total individual insolvencies per 10,000 adults in England and Wales was 24.5 in 2012, down from 26.9 in 2011.

The constituencies with the lowest levels of individual insolvencies were all located in the Greater London area, with Wimbledon experiencing the lowest rate of just 6.7 per 10,000 adults.

The figures reflect those published by Wilkins Kennedy last month, which showed the five towns with the highest bankruptcy rates were all seaside resorts or ports.

The Vale of Clwyd, Torbay, Blackpool South, Scarborough and Whitby, Kingston upon Hull, Plymouth, and Weston Super Mare all featured within the 10 constituencies with the highest levels of individual insolvencies in 2012.

However, 77% (439 of 573) constituencies saw a decrease in individual insolvency rates between 2011 and 2012.

The rate of bankruptcies, Debt Relief Orders (DROs), and Individual Voluntary Arrangements (IVAs) all decreased during the period, 89%, 38% and 69% respectively.

The figures for IVAs also show an increase in the number of agreements that are still in place after the initial one or two year period.

Anne Willcocks, director of external affairs at The Insolvency Service, said: “This is good news as it shows people in debt are finding a sustainable solution for their money problems. This in turn leads to better returns for creditors.”

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