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Bankruptcy debts hit the headlines on UK coasts

06 October 2010

The UK’s coastal towns and cities have the highest proportion of personal bankruptcies for the second year in a row.

A table of the top 50 bankruptcy hotspots in the UK has been released by accounting firm Wilkins Kennedy this week and places Hull, Blackpool, Plymouth and Eastbourne in the top rankings.

The findings add to research by insolvency trade body R3 which found nearly half of Britons run out of money within 20 days of being paid and 40% of British adults are struggling financially to get through the month.

“Bankruptcy is nothing new but it does appear to be gaining its fair share of the headlines,” says John Fairhurst, Managing Director at Payplan, one of the UK’s free leading debt solution providers.

Mr Fairhurst predicts numbers of people declaring themselves bankrupt could rise over the next six months as outside influences hit some people’s personal finances.

“One in five people work within the public sector,” adds Mr Fairhurst. “Government cutbacks, due to be announced in less than three weeks time, will inevitably lead to job losses and for some this will mean financial trouble.”

Bankruptcy information and bankruptcy help is available from free national debt organisations such as Payplan and won’t cost consumers a penny – not even to make the call. The local Citizens Advice Bureau and the National Debtline will also provide free and impartial information.

“The secret is to nip a financial issue in the bud, the longer it is left, the bigger it becomes,” adds Mr Fairhurst.

Bankruptcy debts and bankruptcy declarations, Individual Voluntary Arrangements (IVAs) and Debt Management Plans (DMP) are all vehicles to help consumers become debt free again.

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