Recent statistics from Debtmatters revealed that people living in the south of England owe, on average, 50% more than those living in the north of England.
People living in the north who are insolvent and go on to apply for an IVA (Individual Voluntary Agreement) usually owe around £31,000 compared to £45,000 for those living in the south.
It is believed the main factors for the divide include the high cost of living and rising house prices in the south coupled with a difference in wages between the two areas.