Overcast

Overcast

max temp: 3°C

min temp: 2°C

ESTD 1874 Search

Bury St Edmunds: Bankruptcies are down, but other forms of insolvency are on the rise

06:00 25 June 2014

Darren Bullen, manager of the West Suffolk branch of Christians Against Poverty (CAP).

Darren Bullen, manager of the West Suffolk branch of Christians Against Poverty (CAP).

While the number of people being declared bankrupt in Bury St Edmunds has dropped by 64%, other forms of insolvency have actually risen, a debt specialist has said.

The Department for Business, Innovation and Skills has revealed that between 2009 and 2012 the number of bankruptcies declared in Bury has fallen by 64% (112 cases) following a question by the town’s MP David Ruffley.

Mr Ruffley said this demonstrated the strength of Bury’s economy and the UK’s recovery since the crash.

But Darren Bullen, manager of the Christians Against Poverty (CAP) west Suffolk debt centre, said these figures did not show the full picture as, in fact, two other forms of insolvency – debt relief orders (DROs) and individual voluntary arrangements (IVAs) –had increased in the Bury constituency.

He said between 2009 and 2012 DROs had risen from 46 to 98 and IVAs from 76 to 98.

He said while bankruptcy may be down nationally, the use of DROs “has rocketed”.

He added: “I’m really, really glad bankruptcies have dropped off and that’s great and I hope that continues, but as far as we are concerned – as a practitioner on the ground – bankruptcy is only one part of the story.

“What I’m seeing on the ground is things are not improving in the way these [Department for Business, Innovation and Skills] statistics suggest they might be. We still have a long way to go yet and lots of people really are struggling.”

The west Suffolk debt centre, which opened in October 2011, has seen 20 families go debt free, 10 through DROs, eight via bankruptcy and two through repayment.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

The We Love Bury St Edmunds supporters photo bomb the statue of St Edmund celebrating over a year since the group was born - founder James Sheen

Andy Abbott reports on how Facebook group “We Love Bury St Edmunds” has brought thousands of people together from across the globe.

Ex Royal Air Force Serviceman Richard Philpotts, of Stowmarket, Suffolk was sentenced on 16 January 2017 to three years’ imprisonment following conviction in relation to a single victim of one offence of indecent assault on a child below the age of 14, committed between 1986 and 1987.

A former RAF corporal and scout master has been jailed at a court martial for three years for the sexual abuse of a boy scout more than 30 years ago in Germany.

Prime Minister Theresa May speaks during Prime Minister's Questions in the House of Commons, London. PRESS ASSOCIATION Photo. Picture date: Wednesday January 18, 2017. See PA story POLITICS PMQs May. Photo credit should read: PA Wire

People must take flood warnings seriously, the Prime Minister has said after the region was put on high alert over a tidal surge last week.

A120 at Marks Tey

A potential new dualled A120 route between Braintree and Marks Tey will cost between £475million and £825m, it was announced yesterday.

Campaigner Jill Reece on the barrow crossing at Halesworth Station.

Work will be carried out next week to install gates at a station crossing on the east Suffolk rail line after campaigners fought off moves to close it.

The launch of the trial at Sudbury fire station

Lives have been saved as a result of a pilot scheme which has seen cardiac arrest emergencies in parts of the county dealt with by firefighters.

Before and after shots of the Balkerne Bridge in Colchester

An iconic bridge in Colchester has been removed temporarily while Essex County Council work to widen it.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24