The number of people going financially insolvent across England and Wales was 25% higher in November this year than in the same month in 2023, according to Insolvency Service figures.
Some 10,012 people entered insolvency in England and Wales in November 2024, which was also a 12% jump when compared with the previous month.
The insolvencies were made up of 589 bankruptcies, 3,693 debt relief orders (DROs) and 5,730 individual voluntary arrangements (IVAs).
DRO numbers have been at record levels in recent months after the removal of a £90 administration fee to obtain one, from April 6 2024.
While DRO numbers have recently been at record highs, bankruptcies have been slightly lower than 2023, the report said.
Overall, monthly numbers of IVAs so far in 2024 have been slightly higher than 2023’s six-year annual low.
In addition to formal insolvencies, 7,626 breathing space registrations under the Debt Respite Scheme were recorded in November 2024. This is 2% higher than in November 2023.
Of the total, 7,506 were standard breathing space registrations and 120 were mental…
