With the New Year just starting, Bell & Company, are keen to decipher the insolvency figures from 2017, and consider what they may mean for 2018.
According to statistics released by The Insolvency Service, an estimated 4,152 companies entered insolvency during the third quarter of 2017. While this number may seem significant, this number has actually decreased by 12.5% from the second quarter of the year.
Things may be looking somewhat promising for companies, but unfortunately the same can’t be said for individual insolvency figures. With 25,479 individual insolvencies in the third quarter of 2017, a figure that has risen by a 10.6% in comparison to the previous quarter, Bell & Co is expressing its concerns for the financial stability of Britons.
James Bell, Bell & Company Director, said: “These latest figures regarding personal insolvency are extremely concerning and display the extent at which individuals are struggling to remain financially secure.
“Figures relating to people becoming insolvent is rising again for the first time since 2009 and is in part due to people becoming more tempted to borrow money. With exceeding interest rates, paying the money back is proving to be impossible for many.“
Bell & Company are renowned in the UK for their specialized team of debt strategists that provide expert advice on personal and business insolvency.
The company has saved businesses and individuals millions of pounds on their debt repayments, and offer a free, no-obligation consultation to anyone in debt or requiring an assessment of their finances.
James continued: “We urge anyone that has recently become insolvent or is concerned about the prospect of this happening to get in contact with us so that we can offer them a solution that is tailored to their individual needs and circumstances.”
The personal debt mountain in Britain ballooned to a staggering £1.6 trillion in 2017 as more and more people have turned to credit card spending and car finance deals to see them through.
With figures as worse as they were during the financial crisis, 2018 could prove to be a bleak year for both personal and corporate finance.
About Bell and Company
At Bell & Company, our professional staff includes legal professionals, accountants, and insolvency experts. We have extensive expertise coupled with a highly specialised skill set which enables us to specialise solely in this niche area. We have always and will always offer a completely free, no-obligation consultation. This is a thorough financial review and our staff will put a lot of effort into assessing the different options available to you.