Numbers of personal Insolvencies down in 2014

Figures published by The Insolvency Service show the number of people who became insolvent in England and Wales decreasing for the fourth year in a row.

This news certainly makes for interesting reading and further underlines the strength in the current financial climate. Whilst people who are currently in an IVA continue to rise, and are at record highs, the overall outlook remains positive for the months to come.

With a lower number of people being declared insolvent and fewer companies entering administration there are signs that the economy is definitely improving. Coupled with cuts by energy suppliers and lower rates of inflation the outward view on the remainder of 2015 certainly looks positive from a financial viewpoint.

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Add lower petrol prices to this and the potential for savings compared to 2014 already seem to be looking good. Petrol prices at this time last year were on average £1.30. That’s an average of 27p compared to current prices!

If you’re currently worried about your finances or need further guidance on arranging a Debt Management Plan (DMP), an IVA (Individual Voluntary Arrangement) or managing your debts than please get in touch.

As with any change in your financial arrangements there may be consequences including restrictions on future expenditure or obtaining further credit so please consider this before committing to such an arrangement.