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Debt in Swindon `on the rise` New debt management option "a positive step" Consumers `should get advice over IVAs, bankruptcies and DROs` Women `less likely to file for bankruptcy` Councils `filing for bankruptcy for those who fail to pay tax` Consumers lying about finances Rise in bankruptcies revealed Scottish bankruptcies on the rise, new figures suggest Borrowers `accruing more debt before seeking IVAs` Bankruptcies `high in south-west` Landlord bankruptcy enquiries `on the up` Increase in bankruptcy figures for another CAB Bankruptcy "best option" for some households 90% "choosing to `jump before they were pushed`" R3: Bankruptcies and IVAs to rise over next 12 months Insolvencies rise for automotive companies Fuel price hike sparks bankruptcy fears London bankruptcies have "quadrupled" Government department identifies fall in bankruptcy levels Insolvency figures `hide true extent of debt problems`

Insolvencies `hit record high`

08/05/2007

Insolvencies among individuals have hit a record high in the UK, according to new figures published today.

Some 30,075 individual insolvencies were declared in England and Wales in the first quarter of 2007, the Insolvency Service revealed.

This figure equates to a 23.9 per cent increase from the first three months of 2006, the data indicate.

Of the total insolvencies, they study reports that 16,482 Britons went bankrupt and 13,233 took out individual voluntary agreements (IVAs).

David Kuo, head of personal finance at the Motley Fool`s website Fool.co.uk, commented that "debtors should always consider their options if they can`t cope" with financial problems.

In additional to IVAs, he said, "other solutions include informal debt management plans, changing your spending habits and, as a last resort, bankruptcy, which may be the best route for some people".

Another finding of the report was that company liquidations decreased 11.6 per cent compared with the same period in 2006.

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