The number of people going financially insolvent in England and Wales jumped by 17% in the first quarter of this year compared with the previous three months.
There were 32,305 personal insolvencies in the first quarter of this year, the Insolvency Service said.
Within the total, individual voluntary arrangement (IVA) and debt relief order (DRO) numbers increased, while bankruptcies were lower.
Total personal insolvencies were also 14% higher than in the first quarter of 2021.
IVAs and DROs are ways to pay off or wipe out some of your debts, while bankruptcy allows you to declare that you cannot afford to pay your debts and sees what assets you have shared between your creditors.
