North West law firm Farleys Solicitors have launched a free personal insolvency advice line as a response to the sharp rise in number of bankruptcies and IVAs in the last three months of 2020 as the Covid-19 pandemic continues to affect vast numbers of individuals and their finances, across the region.

Official data from the Insolvency Service shows there were more than 30,000 individual insolvencies in the last quarter of 2020, up 57% on the previous three months.

The firm has seen a significant increase in calls to the firm’s specialist team across the last 12 months and are expecting this to increase significantly further as payment holidays, state-backed furlough schemes wind down, and redundancies increase.

Farleys are now encouraging individuals across the North West facing financial issues to seek expert legal advice at the earliest opportunity. Any individuals who contact the advice line will receive a free consultation from a solicitor offering confidential and impartial advice regarding their finances.

Mark Skinner, Associate Partner and personal insolvency expert commented:

“Debt is not a problem to be underestimated, causing emotional and psychological stress to those affected as well as placing an inevitable strain on family and home life. Taking early advice and contacting a specialist who has the technical skill and knowledge to advise you on your financial situation is crucial for anyone wishing to take the first step in regaining a sense of stability.

It is essential those experiencing financial trouble realise that even with the current coronavirus situation, there are options available to them. The common mistake people often make is assuming they are beyond help or that the problem will just disappear.

“Taking the first step and speaking openly with a professional solicitor can often go a long way in terms of relieving the stress and worry that so often goes hand in hand with insolvency and debt matters.”

Farleys Solicitors offer a comprehensive range of legal services across all bankruptcy and insolvency matters. For further information or for a free consultation with a specialist personal insolvency solicitor call our dedicated personal insolvency line on 0330 134 6036.