BusinessBusiness RecoverySouth west is bankruptcy hotspot

South west is bankruptcy hotspot

BBC research reveals centres of most financial stress

Six out of the 10 towns in the UK recording the highest level of bankruptcy
per head are based in the South west of
England
, a study commissioned by the BBC has found.

The survey also found that the North of England and Scotland are also areas
of high financial stress – nearly three out of 10 people in Manchester and
Glasgow say they suffer from high levels of financial stress.

Research by credit checking
agency Experian built a debt profile of
the UK for the BBC after looking at more than 300 UK towns and boroughs to see
which parts were struggling the most with debt, charting the prevalence of
bankruptcies, Individual Voluntary Arrangements (IVAs) and people feeling
stressed by their finances.

Liz McVey, the manager of the
Glasgow office of the
Consumer Credit Counselling
Service, told BBC News: “We have doubled the
number of counsellors in the past year, just to cope with the demand from people
in debt difficulty.’

Further reading:

Personal insolvencies climb 60% in one year

Latest insolvency figures released from DTI

Official Receiver runs out of funds to prosecute

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