Bankruptcy hits six year high in Mansfield and Ashfield

Latest government figures have revealed that five in 10,000 of the adult population needed to go bankrupt in 2017 in the districts which were also in the top ten area’s for bankruptcy in the UK.

In Ashfield there were 254 cases of insolvency which includes bankruptcy, individual voluntary arrangements (IVA) and debt relief orders (DRO).

In Mansfield there were 243 cases of insolvency.

In comparison to Rushcliffe where there was 102 cases.

Kathryn Stacey CEO of Citizens Advice Ashfield which dealt with £6.4m worth of debt last year, she said: “It is deeply concerning that we are seeing trends of insolvency starting to rise again after several years of decline.

“What’s also concerning is that Insolvency rates were highest in the 25-44 age group and that this is the fourth year that rates have increased.

“Debt is largest issue for the whole service. Over 50 per cent of clients that come to us have some sort of debt problem. The biggest single issue is council tax arrears.

“We work very closely with the council collection teams to help with some of the most vulnerable clients, having last year signed a nationally agreed ‘Council Tax Protocol’ with Ashfield District Council.”