Debt relief issues have not gone away, says UK Insolvency Helpline rep

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Debt relief issues have not gone away, says UK Insolvency Helpline rep

A source from the UK Insolvency Helpline has poured cold water on the notion that recent figures show the country is pulling itself out of debt.

Ian Boden-Smyth, a spokesperson for the financial organisation, made his comments in response to statistics released by The Insolvency Service showing there has been a 13.9 per cent drop in the number of compulsory liquidations and creditors' voluntary liquidations.

This drop relates to the third quarter of 2010 in comparison to the same period of 2009.

Mr Boden-Smyth claimed it is nothing to get "excited" about and stated there is still no real evidence to suggest the country is sorting out its problems with debt.

"It always goes quiet in the three months running up to Christmas as well, so it will be low in the next quarter too but it will go higher in the January quarter," he said.

The UK Insolvency Helpline representative also noted that people on debt management programmes are not included in the figures and are effectively in a "hiatus period".

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