Insolvency is a growing problem across the UK as the credit crunch takes hold. But new figures show that there's one part of Britain that is particularly vulnerable to insolvency: Plymouth has the highest insolvency rates across the UK. The figures were discovered by academics at the University of Plymouth's Business School when putting together their South West Economic Review.

Plymouth tops Insolvency League

Insolvency is something that is impacting on more consumers and ordinary people, as well as small businesses, as personal debt combined with today's difficult economic climate takes its toll. In Plymouth, the high levels of insolvency have been put down to low wages and the high number of people working in the military. Around 0.43 of Plymouth's population has faced insolvency and bankruptcy – a total of 819 cases – a figure some fear could get worse as the economy continues to struggle. The research is taken from two years ago so the academics say the credit crunch is not to blame. But there are concerns that Plymouth could be highly vulnerable now, considering the fact it topped the insolvency league before the crunch.

Insolvency Rise spreads Across UK

The academics who edited the South West Economic Review are examining the reasons why Plymouth tops the insolvency league. They believe the dominance of the military sector is a deciding factor, as well as the fact many of Plymouth's population is on low wages. The high cost of housing and increasing living costs means more are at risk of insolvency now from simple day-to-day expenses. Professor Gripaios, who edited the review, has told press that he predicts more insolvencies will come as a result of the current economic downturn – and not just in Plymouth. He told the Plymouth Evening Herald, "These figures are going to go up across the board, they won't go up more just in Plymouth. Rates are starting to rise - that's something we're starting to see already."

Insolvency Help at Hand

Almost half of all inquiries to Devon's Citizens Advice Bureau ares said to be debt-related. Insolvency and bankruptcy numbers in the South West have all been high; it's crucial to seek out insolvency advice and debt help if you are concerned about finances. There is always a solution to finances and debt – no matter how bad it seems – individual voluntary arrangements can help get your finances back on track.

Speak to Varden Nuttall About Insolvency

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.