Number Of Women Going Bankrupt On The Rise

Debt Advice Foundation is urging women with debt problems to seek help and advice, after new figures revealed the number of insolvencies among females in the UK has soared over the past decade.

Research by the Insolvency Service shows that the number of women being declared bankrupt increased from 6,042 in 2000, to almost 30,000 in 2009. The research figures indicate that around two thirds of the women made bankrupt last year were aged between 25 and 44.

As well as filing for bankruptcy, women are taking out debt relief orders (DROs), a new form of insolvency that was introduced in 2009. Since then, 63 per cent of DROs have been awarded to women.

The number of individual voluntary agreements (IVAs), where payments plans are agreed with creditors, has also increased for women. In 2000, just over 2,670 women took out an IVA, but in 2009, the figure had jumped to more than 21,000.

David Rodger, Managing Director of the Debt Advice Foundation comments: “It’s clear that for whatever reason, a lot of young women have debt problems. It’s vital that anyone who’s struggling to repay their debts seeks expert and impartial debt advice from a reputable, independent charity such as the Debt Advice Foundation.

“At Debt Advice Foundation, we offer free, confidential support and practical help from trained debt counsellors. We would urge anyone worried about debt - male or female, young or older - to get in touch. It’s important to remember that you won’t be judged in any way and if you prefer, you can ask to speak to a debt counsellor of your own gender.”