The draft legislation for the breathing space scheme has been published - this post sets out how it may look in practice, and R3's support for the measure to help people in debt find an appropriate solution... 

A closer look at the results of R3’s member survey on COVID-19, which found that the majority of respondents expect a spike in personal insolvency numbers towards the end of this year, and the start of 2021...

On May 15^th, for the first time, the Insolvency Service (IS) released monthly figures for corporate and personal insolvencies (NB: corporate: England & Wales, Scotland; personal: England & Wales). The IS said that it was publishing on a monthly (rather than quarterly, as previously) basis “to provide more up to date information on the numbers of companies and individuals who are unable to pay debts and enter a formal insolvency procedure as the coronavirus (COVID 19) pandemic continues”.

In his statement on 26 March, the Chancellor announced a package of support tailored at self-employed people. Here are R3's thoughts...

A selection of advice and information for people in financial distress, given by R3’s Personal Insolvency Committee...

A list of sources of advice and support for businesses and individuals affected by the coronavirus/Covid-19...

Every year, Talk Money Talk Pensions Week (18-22 November 2019) offers the UK an opportunity to discuss personal finances: our attitudes towards money, good (and bad!) habits, and hopes for the future. 

Between 2015 and 2018, the rate of young people (aged 18-24) entering a form of personal insolvency rose by 110%, while the number of personal insolvency cases among under 25s rose by 104%. Over the same period, the rate of personal insolvencies for people of all ages rose by 42%, and the total number of cases rose by 45%.