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StepChange Debt Charity response to insolvency statistics

April 29, 2016

In response to the release of today’s insolvency statistics, Peter Tutton, Head of Policy at StepChange Debt Charity said:

“The increase in debt relief order (DRO) numbers is reflective of how by making positive changes to debt solutions in order to make them better fit the needs of those in financial difficulty, more people can access the support that helps get them back on their feet.

“The slight decline in the numbers of bankruptcy orders and Individual voluntary arrangements (IVAs) is set against the backdrop of extremely high demand for debt advice that we are currently experiencing. These figures further highlight how the current set of statutory options available to people in debt are not meeting their needs.

“People experiencing temporary debt problems need protection from spiralling debts and debt collection practices that only increase stress and hardship. But insolvency options can be unsuitable in these circumstances, so people are falling through gaps in the protections they need.

We urge the government to consider the introduction of a ‘breathing space’ scheme for people in this situation in its upcoming review of the legal framework for debt administration in England and Wales”.

StepChange Debt Charity news contact

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016