Unable to pay debts as they come due. Without funds.
the state of owing something (especially money); "he is badly in debt"
give help or assistance; be of service; improve the condition of;
Being Insolvent does not mean being Bankrupt, only a court can declare Bankruptcy resulting in orders to resolve the insolvency.
Lots of information is available at the The UK Debt Help & Insolvency Helpline website
Why is debt management necessary?
The first debt management company started in Britain in 1994 in response to the burgeoning debt situation.
Mortgage and loan repayments rose and many people found themselves with less disposable income. This created the environment in which the buy now, pay later credit card/loan dependant culture developed.
Poor financial education and management resulted in many people being over committed and unable to maintain contractual payments to their creditors.
