Job cuts raise financial fears

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South Yorkshire insolvency expert Gareth Self is warning of an increase in personal insolvencies, after the latest rise in unemployment.

Mr Self works for the Sheffield-based P&A Group and is a member of the Yorkshire committee of the insolvency professionals’ body R3.

He says recent research by the R3 has highlighted the emergence of a group of people who can only afford to pay the interest on their debts and shows half are struggling to reach payday.

“For those already worried about debt, and with no savings, unemployment could lead to personal insolvency,” said Mr Self.