Monday, September 27, 2021

Nottingham one of the top UK postcodes most at risk of debt

Nottingham residents are among the most likely to be taking steps to tackle serious debts and avoid bankruptcy, a new study has revealed.

Creditfix, the UK’s largest personal insolvency practice, has released the top 20 postcodes with the highest percentage of people living in debt and currently undertaking an Individual Voluntary Arrangement (IVA) or Protected Trust Deed (PTD, Scotland only).

Often an alternative to bankruptcy, an IVA is a four-year agreement allowing those in debt to pay off a proportion of their debt each month. Any remaining debts are usually written off after four years.

Nottingham is 14th on the list, with 17.5 out of every 10,000 people currently undertaking an IVA. There are only two postcodes from the East Midlands in the top 20 list, with Northampton in 10th place.

Highest on the list is Motherwell in Scotland, with 33.4 out of every 10,000 people with a PTD, the Scottish equivalent of an IVA. After Motherwell, residents living in Kilmarnock and Glasgow were most likely to have a PTD or IVA, followed by South East London and Plymouth.

Creditfix compiled the list by comparing 2011 census data of 18-64 year olds with the number of IVA/PTD clients in each postcode over the past 12 months. The new data is the most accurate representation of debt support provided across the UK thanks to Creditfix’s size and insight into the market.

Of this list, only four postcode areas are in the south of England.

Pearse Flynn, CEO of Creditfix, said: “These figures are a stark representation of the parts of the UK in which people are most likely to be on an IVA or PTD.

“Many of the locations in the list are in Scotland – but Nottingham is still the only East Midlands region, bar Northampton.

“Rather than assuming people in Nottingham have a high likelihood of being in debt, this data could be a reflection of how willing people are to open up about their finances and tackle them head on, rather than ignore the issue and be tempted to brush it under the carpet”.

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