Recent Q3 2017 personal insolvency statistics show that the number of people going insolvent has gone up. From July to September 2017, the insolvency rate was up more than 10%.

The reason for this is a rise in the number of Individual Voluntary Arrangements (IVAs). With more than 15,500 taking out an IVA, this type of insolvency is now at its highest level ever.

But what does this mean for you? We’ll break down those figures a bit further so you can understand why insolvencies are up. And if you need help managing your debts, we’ll tell you how you can do this.

What do the Q3 2017 personal insolvency statistics mean?

As we explained above, IVAs in Q3 2017 were at their highest level since the debt solution began in 1987. Some 15,523 people took out an IVA between July and September – this made up more than three in five insolvencies.

This rise in IVAs also pushed up the number of individual insolvencies generally. Throughout the quarter, 25,479 people in England and Wales went insolvent. This is slightly higher than the total insolvencies of Q1 2017. The last time insolvencies were this high was in Q2 2014.

An increase in insolvencies means that more people across Britain are turning to a formal solution to deal with their debts. And with a Bank of England interest rate rise predicted for next week, it’s likely we’ll see this trend continue.

Last week, the Financial Conduct Authority (FCA) revealed that half of UK adults are financially vulnerable. An increase to the base interest rate could mean that more financially vulnerable will be pushed over the edge. And this is likely to mean that we’ll see a further increase in the number of people going insolvent.

If you need debt help

Don’t panic if you’re currently struggling with your money. There are solutions available out there that can help you. Getting some expert advice about this is the best way to make the right decision for you going forwards.

If you’re currently worried about your finances, have unsecured debts from personal borrowing and would like to speak confidentially and free of charge to an advisor who can talk to you about the benefits and considerations of a range of debt solutions and personal insolvency solutions, then please get in touch by calling 0800 048 1764.

You can also visit the Harrington Brooks website to request a call back at a time to suit you. By requesting a call, you are under no obligation to use our services. Harrington Brooks provide solutions to customers living in England, Scotland, Northern Ireland and Wales.

Should you choose to undertake a plan or arrangement, there may be consequences to consider, including restrictions on future expenditure, lending and on your ability to obtain further or future credit. If you do choose one of our solutions then fees, terms and conditions apply. For further information and advice please visit the Harrington Brooks website.

The services that we provide may be available at no cost from other government and charity based providers. Further information can be obtained from the Money Advice Service at www.MoneyAdviceService.org.uk