More people were unable to pay their debts in Telford and Wrekin in 2022 while the number fell in Shropshire, according to new figures.
Citizens Advice has warned people are at risk of "spiralling into debt" amid the cost of living crisis.
New figures from the Insolvency Service show there were 609 personal insolvencies in Telford and Wrekin over 2022, up from 540 in 2021.In the Shropshire Council area there were 520 insolvencies last year, down by one from 521 in 2021.For Powys there was an increase on both last year, and pre-pandemic, with 231 over 2022, up from 216 in 2021, and more than the 230 in 2019.
IVAs involve a person in debt agreeing to a repayment plan with their creditor, who may agree to reduce or stop interest payments over the same period.Over the same period there were 366 in Shropshire, and 28 declarations of bankruptcy.In May 2021, the Government launched its Debt Respite Scheme which saw people unable to pay debts become eligible for a"breathing space" and means creditors cannot pursue legal action against them for a set period while they sort their finances out.
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