The Number of Personal Insolvencies Falls in Q3

The latest report by Insolvency Service suggests that the number of personal insolvencies in the UK fell in the third quarter of 2011.

The number of Brits declared bankrupt in Wales and England in Q3 2011 was lower, according to Insolvency Service.

As such, the number of personal insolvencies fell to 30,219 in Q3 from 30,513 in Q2.

However, analysts are determined that the figures do not depict the real picture. In their opinion, households as well as business in UK struggle to make the ends meet.

Commenting on the findings, Brian Johnson of HW Fisher & Company, said: "The relatively benign company insolvency figures belie the phenomenal pressure that exists in the economy."

Experts at the StartHere company, specialising in social support, remind all Brits facing bankruptcy that there are numerous local organisations and support groups that provide advice. The most well-known are the Citizens Advice Bureau or the Consumer Credit Counselling Service.