Insolvency rate has doubled

PERSONAL insolvencies in Oldham have almost doubled in the past four years, according to Government figures.

Information from the Insolvency Service shows that last year 458 people in Oldham were declared bankrupt or entered some other type of formal insolvency procedure, such as an Individual Voluntary Arrangement (IVA), compared with 236 in 2005.

However, Oldham’s personal insolvency rate of 27.9 per 10,000 people was below the national average of 31.1.

The top location for personal insolvency in the North-West was Blackpool with 49.1, while the lowest was Eden in Cumbria with only 20.6 personal insolvencies per 10,000 people.

R3, the trade body for insolvency practitioners, said debt was now a problem at all levels in society.

Jeremy Oddie, vice-chairman of R3 in the North-West and a partner at accountants Mitchell Charlesworth, said: “Personal insolvencies are now running at record levels and the indications are that the problem will get worse before it gets better.”

He added: “We advise anyone who is in financial difficulty to seek advice sooner rather than later. There are solutions available but the sooner you get help, the easier things are to resolve.”

For more information visit www.r3.org.uk