Hull is ‘insolvency blackspot’

Published: Thursday 24th September 2015 by The News Editor

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Households in Hull are more likely to go bust than those in most other UK towns and cities, new research suggests.

Information services group Experian says the proportion of households becoming insolvent in the city is the seventh highest in the UK.

The worst rate is said to be in Torquay – where Experian says 16 households in every 10,000 became insolvent during April, May and June 2015 – with only Scarborough, Plymouth, Sittingbourne, Chester-le-Street and Newport on the Isle of Wight also faring worse than Hull.

And Hull is the biggest place to make Experian’s list of the country’s 10 worst performing cities when it comes to personal insolvency rates.

Experian’s data director, Andy Wills, acknowledges that rising property prices and living costs can make recovery difficult for those who become insolvent.

But he says it is still possible for people to build a positive credit history back up if they get the correct guidance and have patience.

Copyright Press Association 2015

Published: Thursday 24th September 2015 by The News Editor

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