Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax company, believes personal insolvencies may have reached their peak, but addressing the stigma of debt is vital to achieve better outcomes for consumers.
Debt is at record levels with personal credit now exceeding 215 billion or 4,100 for every adult in the UK. However, having reached unprecedented levels in 2018, we believe the growth in personal insolvency may have peaked, and with an increased focus on debt advice, volumes will likely stabilise through 2019 and 2020.
In recent years, as Individual Voluntary Arrangements (IVAs) have grown to record levels, the number of personal insolvency providers has almost halved. This has resulted in a market dominated by…
Read the full article at: https://www.lawyer-monthly.com/2019/01/have-we-passed-the-peak-in-personal-insolvencies/