As the credit crunch bites and the UK economy continues to struggle some depressing news comes out about last year the record number of people going bust – over 100,000 people in 2007.
Experian, MORI and publicly available information on bad debts and County Court Judgements were used to produce the following top 10 areas most affected by Bankruptcy, IVA’s and Financial Stress that make for very depressing yet interesting reading.
If this article makes you think that you would like help or advice on how to deal with debt, perhaps try the Money Hospital health check for a quick over view or speak to our expert professional debt advisers provide you with advice and solutions to help you resolve your debt and credit problems.
Bankrupts
Declaring bankruptcy is a big step and should not be taken lightly it has major short to medium term personal impacts in areas such as your ability to take out future credit (loans, mortgages credit cards etc) and can result in the loss of major assets such as your car and home.
The top 10 hot spots for bankruptcies is dominated by South West English towns.
- 1. Torquay
2. Kingston Upon Hull
3. Plymouth
4. Bournemouth
5. Eastbourne
6. Newton Abbot
7. Barnstaple
8. Hastings
9. Weymouth
10. Truro
Individual Voluntary Arrangements
Individual Voluntary Arrangements, or IVA’s as they are commonly known are another form of insolvency and similar to bankruptcies.
The M4 corridor features strongly in the hotspots stakes here.
- 1. Aldershot
2. Andover
3. Newbury
4. Crawley
5. Windsor
6. Swindon
7. Basingstoke
8. Stevenage
9. Darlington
10. Chippenham
Financial Stress
Financial stress is a measure used by the credit agency Experian to define an individual’s “potential to become over-stretched and struggle with further payments“. Major urban centres feature highly in this top 10.
- 1. Manchester
2. Glasgow
3. Nottingham
4. Knowsley
5. Middlesbrough
6. Kingston Upon Thames
7. Liverpool
8. Southwark
9. Tower Hamlets
10. Hackney
Once again if you are struggling with your finances then do not suffer in silence. You can seek advice from the Consumer Credit Counselling Service , National Debtline , Citizen’s Advice Bureau or the Samaritans.
You can also try the Money Hospital health check for a quick personal check up, or speak free of charge to a debt adviser who can provide you with advice and solutions to help you resolve your debt and credit problems.
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