Insolvency fall brings no joy

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The number of insolvencies affecting individuals has fallen in Yorkshire, according to the insolvency trade body R3.

Yorkshire R3 committee member Gareth Self, an insolvency practitioner within the Sheffield-based P&A Group, said the decrease was encouraging but did not necessarily indicate that individuals were becoming any better at dealing with their personal finances.

“Instead, we believe it indicates the emergence of habitual debtors who are paying off interest, but failing to make any inroads into reducing the debt itself. This suggests that many people are just hanging on,” said Mr Self.