The overall number of personal insolvencies in Q2 2012 fell by over 10% compared with the previous year and the number bankruptcies by over 27%, according to the insolvency statistics published today by The Insolvency Service.
Alec Pillmoor, head of personal insolvency at Baker Tilly, said: “The 10% fall in the number of personal insolvencies is very welcome, although I am concerned that this headline figure masks the underlying financial problems that many households continue to face.
“These statistics do not include schemes such as debt management plans. The recent economic review suggests that real household income is at its lowest since 2005 and the unexpected fall in GDP reported last month has made many people question their job security.”
“It is to be hoped that the feel good factor of the recent Olympic medals successes by Team GB will lift confidence and the next economic review will show an improved situation for beleaguered households. The recent sporting news has been a welcome change from the usual diet of issues in the Eurozone.”