Nearly 28,000 personal insolvencies were recorded in Britain over the last three months as inflationary pressures and the cost of living crisis took their toll.
According to the Insolvency Service on Friday, there were 27,927 individual insolvencies in the quarter to September, while it also saw an 18% rise in registrations from people seeking breathing space from debts.
This was a 5% fall compared to the previous quarter, but was 2% higher than the same period last year.
The formal personal insolvency total is made up of bankruptcies, debt relief orders (DROs), and individual voluntary arrangements (IVAs).
DROs are …
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