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There were further signs of the impact of rising costs on consumers today as official figures showed the number of people in England and Wales declared insolvent rose by almost 9% in the third quarter of this year.
Between July and September a total of 27,087 people were declared insolvent, 8.8% more than in the second quarter of the year when the figure stood at 24,893, and 4.6% than in the same period last year.
The number of bankruptcies rose by 12.1% over the quarter to 17,341, while the number of individual voluntary arrangements (IVAs) increased by 3.3% to 9,746.
The Insolvency Service said there had been a pronounced shift towards debtors petitioning for bankruptcy in recent years, and the figures show that 83.4% of bankruptcies this quarter were instigated by borrowers rather than their creditors.
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