Latest figures have shown that you are more likely to be declared bankrupt or enter into an IVA if you live in the North East than anywhere else in England and Wales.
Insolvency trade body, R3 recently published a ‘bankruptcy map’ revealing the regions that have seen the highest proportion of new personal insolvency cases. R3 looked at total numbers of bankruptcies and Individual Voluntary Arrangements (IVAs) and found that people in the North East are almost 70% more likely to become insolvent than those in London.
Overall there were almost six thousand new personal insolvency cases in the North East meaning that for every then thousand people, 29 become insolvent. By comparison in London there were just 17.1 personal insolvency cases for every ten thousand people, significantly lower than the national average of 24.3.
The top ten persoanl insolvency hotspots in England and Wales are -
- Torbay, South West (45.8)
- Kingston upon Hull, Yorkshire and the Humber (40.7)
- Lincoln, East Midlands (39)
- Plymouth, South West (38.8)
- North Tyneside, North East (37.4)
- Gateshead, North East (37.1)
- Corby, East Midlands (37)
- Hastings, South East (36.9)
- West Devon, South West (36.9)
- Thurrock, East Anglia (36.7)
