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Amy Mehers, Director and Head of Personal Insolvency at Leonard Curtis comments on the trends in individual insolvency statistics for 2024.
Amy specialises in assisting individuals to review their options and achieve a solution to their personal financial position in an orderly and protected manner.
The number of personal insolvencies registered in 2024, recorded a 14% increase on the previous year. This is largely driven by an increase in Debt Relief Orders (‘DRO’), with numbers reaching a record high since their introduction in 2009.
DROs are a good option for people with unmanageable debt who have little to no surplus income and who aren’t homeowners and have minimal assets.
The increase in DROs will be due to changes in the qualifying criteria – significantly the qualifying debt level.
Individuals can now qualify for a DRO if their debts are below £50,000 - up on the previous qualifying debt level of £30,000. In addition, the fee to apply for a DRO has now been removed – a good move by The Insolvency Service for those who may have struggled to qualify or pay the fee previously.
In addition, the fee to apply for a DRO has now been removed which is a good move by the Insolvency Service for those who may have struggled to qualify or pay the fee previously.
This has resulted in a reduction in bankruptcies, but it is worth noting that 57% of personal insolvencies registered were Individual Voluntary Arrangements (‘IVAs’).
We use IVAs for individuals with tax liabilities or complex issues such as significant assets or personal guarantees.
Contact Amy Mehers for advice on understanding the options for individuals and how a DRO, IVA or bankruptcy can achieve a solution.
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