THE TOP TEN INSOLVENCY HOTSPOTS. YOU WILL NEVER GUESS WHERE THEY ARE?You have to hand it to the tabloids for constantly reminding us of the ongoing debt crisis in our country, There were 107,288 insolvencies recorded in England and Wales last year (a rise of 60 per cent), the number of homes repossessed rose by 65 percent to 17,000, our national debt is now £1.3 Trillion BLAH BLAH BLAH and are figures we now hear daily !However, the little known fact is the much mocked seaside sleepy town favoured by retirees (some 26% of its population are retired) called Torquay is the insolvency "hotspot" of the UK. Surely not? Yes, it's true. More than one resident in 100 is insolvent making it the UK's bankruptcy capital.Statistics show that the South cost and particularly the South West contains nine of the ten insolvency hotspots including Plymouth, Weymouth and Bournemouth. This is, attributed to the high cost of living and low wages in these areas.The South West also has a high proportion of those who have evacuated city life and opted out of high-flying careers in bigger cities, and swapped them for the slower life invariably setting up their own smaller business. Some of these also tend to fail due to lack of experience pushing up the figures still further. In sleepy Torquay alone some 1,238 are currently bankrupt out of an adult population of 117,000. It holds the unenviable record of the only town where more than 1% of the population is bankrupt. Hull, in second place is the only Northern area in the top ten. Northern Ireland has the lowest rate in the UK, closely followed by several of London's most prosperous areas such as Wimbledon and Harrow.So back to Torquay which also has a high unemployment rate at 6.8% compared to the national average of around 5%. At this point I will balance my article and point out that Torquay has 9 beaches and a lovely mild climate which attracts thousands of people each year. A place worth a visit, most definitely.So onto the rest of the top ten insolvency hot spots. In order of insolvencies (and not numbers of fish and chip shops), they are:"Torquay"Kingston Upon Hull"Plymouth"Bournemouth"Eastbourne"Newton Abbot"Barnstaple"Hastings"Weymouth"TruroIn the face of rising mortgages and interest rates, the number of people seeking advice for debt problems has rising by 15 per cent in the last year alone. The well known Citizens Advice Bureau reported more than 86,000 people through its doors in January alone seeking some kind of financial advice.The Citizens Advice Bureau along with many other companies like IVA60.co.uk are offering free advice to those with debt problems. Those with severe debt problems (usually over £15,000 unsecured debt) can be offered an IVA. Individual Voluntary Arrangements are now a more accepted alternative to bankruptcy.Finally, the next time you are walking along the seafront of one of Southern England's golden beaches, please stop and buy an ice cream or fish and chips. Remember the guy you are buying it from used to work as a Stock Broker in London and is about to go bust !Brad MartinDirectorThe Big Loan Companywww.bigloanco.co.ukSource: Nick McDermott. Daily Mail.