Rates have soared in the past decade

THE number of people being made bankrupt in North Somerset has risen by more than 400 per cent over the past decade, according to a national debt charity.

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Consumer Credit Counselling 
Service (CCCS) identified the South West as ‘England’s bankruptcy hub’ after Somerset, Cornwall, Devon and Dorset were all ranked inside the top 10 for worst financial performance.

In 2000 only 82 people were declared bankrupt but that figure rocketed more than fivefold to 429 in 2009, the equivalent of 26 people per 100,000.

With doom and gloom predicted on the high street and in the job market, the trend looks set to continue.

A spokesman for North Somerset Credit Union, which helps people
facing bankruptcy or debt relief orders, said it had noticed a change since starting up in 2004.

She said: “As a lender we have noticed an increase in the debt 
situation, but it has mainly been in terms of debt relief orders, 
mini-bankruptcies if you like.”

While the recession had played a 
significant part in the rise, she said it was not the only factor behind the trend.

She said: “I think there is less 
stigma attached now to being 
completely bankrupt, even if it is still an unpleasant situation.”

Delroy Corinaldi, CCCS external affairs director, said there was no doubt which area of England was the worst.

He said: “While all parts of the country have experienced high rates of bankruptcy over the past decade, this trend is particularly marked in the West Country. This is likely to result from a mix of factors such as high debt levels and less job opportunities than you would find in large urban areas.

“Another issue could be that people are waiting longer to seek debt help and are deeper into their debt problem when they do.”

CCCS offers advice and support to anyone with debt problems. For more information visit www.cccs.co.uk