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LATEST NEWS & EVENTS Personal insolvencies 'will remain high for some time'  The number of individuals entering into insolvency is likely to remain high for some time, it has been claimed. According to Credit Action, the trend will not slow until the country's employment market enters more prosperous times. Director of the organisation Chris Tapp remarked: "I think we will still continue to see personal insolvencies very high for some time until employment begins to filter back into the system and more people can get back into jobs." Cuts in wages and working hours have also had a detrimental impact on people's finances, he noted. The expert advised those struggling to manage their money to seek help on the issue. Mr Tapp's comments follow the release of figures by the Insolvency Service, which showed that individual insolvencies have increased by 17.9 per cent since last year. During the first quarter of 2010, there were 35,682 individual insolvencies in England and Wales, it revealed. Rick Munro, partner in charge of insolvency at Lamport Bassitt, said: "Those with debt problems should seek advice as early as possible. The sooner the problem is addressed, the more options are available and the more sympathetic creditors tend to be." 
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