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PPI: Drop in insolvency rate greeted with muted response

The recent drop in insolvency figures is not a sign that the UK economy is back on its feet, according to an expert.

The Insolvency Service has reported that there were 33,935 personal insolvencies in England and Wales during the third quarter of the year, 3.7 per cent less than during the same period in 2009.

Ian Boden-Smyth, spokesperson for the UK Insolvency Helpline, has claimed that the figures did not present "any reason to jump for joy and say that the country is sorting itself out", as insolvency figures are generally lower during certain parts of the year.

"The period includes six weeks of summer holidays and school holidays, where people don't do anything about their debts" he said.

"It always goes quiet in the three months running up to Christmas as well, so it will be low in the next quarter too but it will go higher in the January quarter."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.  ADNFCR-2776-ID-800223627-ADNFCR

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