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Personal insolvency rate in North Lincolnshire has increased by almost a third since 2015, figures show

The rate of personal insolvencies in North Lincolnshire has increased by almost a third over the last two years, official data has revealed.
The rate of personal insolvencies in North Lincolnshire has increased by almost a third over the last two years, official data has revealed.

The rate of personal insolvencies in North Lincolnshire has increased by almost a third over the last two years, official data has revealed.

In 2015, 21.6 adults per 10,000 were declared insolvent in North Lincolnshire, according to Insolvency Service figures.

However by 2017 that figure had risen to 27.9, an increase of 29.2 per cent.

Insolvency is when someone cannot pay their debts, and has to arrange a plan with an official body to pay off creditors. This can include being declared bankrupt.

This figure is higher than the average in England and Wales, which stands at 21.4.

Graham O’Malley, debt expert at Citizens Advice, said there is support for those who need it.

“Unmanageable debt puts people at risk of insolvency that, in the most serious cases, can result in them losing their home. There’s debt advice out there - from organisations such as Citizens Advice - that people do not have to pay for.

“It’s so important people with money problems get this impartial advice before they even think about going down the insolvency route."