More men are facing insolvency than women, report finds

Posted 11/03/2010

Insolvency is more likely to affect men than women, it has been found.

According to new figures from the Consumer Credit Counselling Service (CCCS), 55.4 per cent of its recommendations for Individual Voluntary Arrangements (IVAs) and 51.4 per cent of its recommendations for bankruptcies were for men last year.

This was blamed on increasing levels of personal debt, which the company found was more likely to affect men than women.

Indeed, the average single man owes £19,231, while the corresponding figure for the average woman is £16,912.

Frances Walkers, a CCCS spokesperson, said anyone affected should seek a specialist insolvency lawyer.

“Whatever sex you are, I would urge anyone worried about their debt to seek help as soon as possible,” she added.

IVAs are a legally binding contract between a debtor and a creditor in which debts are frozen in return for a formal proposal to settle them via a monthly amount, usually over five years.

They are often used as an alternative to bankruptcy.