Newly published regional statistics on individual insolvencies show Leicester residents’ financial position was healthier in 2012 than at any time for seven years.
There were 23.7 cases of individual insolvency per 10,000 adult population in the area in 2012, down from 27.7 the previous year.
This was the second annual decrease in insolvency rates in the region, from a peak of 31.2 per 10,000 adult population in 2010.
However, you have to look back to 2005 to find a lower rate of individual insolvency in Leicester, of just 17.6 people per 10,000.
Across the East Midlands as a whole, insolvencies have risen from 7.7 per 10,000 population in 2000, a level they broadly stayed at for several years.
In 2005 they entered double figures for the first time, reaching 15 per 10,000, a rise of 5.3 over the previous year.
The peak again came in 2010, at 35.8 insolvencies per 10,000 adult residents – highlighting that Leicester residents have better financial security than those throughout the East Midlands on average.
In 2012, the insolvency rate for the region fell back below the 30 threshold, to reach 26.9 people per 10,000.
There were 9,722 individual insolvencies in the East Midlands in 2012, 601 of which affected Leicester residents.
For creditors, prompt action remains the best way to recover amounts owed, before they are lost due to the individual being declared insolvent.
In many cases, an individual will attempt to pay off their debts – and successfully clear some of what they owe – before realising they cannot recover their position fully, and declaring insolvency.
By being among the first to pursue for payment, you can help to make sure your debt is one of those which gets paid, and is not among the ones to be written off.