23 October 2009
Insolvency statistics published by the Accountant in Bankruptcy (AiB) show that the number of Scottish residents declared insolvent in the second quarter of 2009/10 was 8% lower than in the previous quarter and 4% lower than it was in the same period last year.
There were 5,767 personal insolvencies in the second three-month period - made up of 3,504 bankruptcies and 2,263 Protected Trust Deeds.
The decrease in personal insolvencies may suggest that fewer Scottish residents are having to deal with unmanageable debt.
According to heraldscotland.com, the Minister for Community Safety in Scotland, Fergus Ewing, promised that ministers would do all they can to "support Scottish business and families during these tough times".
He said that that "includes our work to make sure people who are struggling with unmanageable debt get the help and support they need."
Mr. Ewing said the Scottish Government was offering help to people in debt by `extending protection through schemes like the Low Income Low Asset (LILA) route into bankruptcy, which provide debt relief to people who were previously struggling to pay their bills`.
Answer a few simple questions and we'll give you an instant recommendation on your best way out of debt.
Your privacy is important to us. All correspondence is held in the strictest of confidence and we will only request information required to find your best debt solution.Tags: insolvency, scotland, debt, scotland debt, debt scotland, debt management scotland, trust deed, trust deeds scotland, scotland trust deeds
Consumers keeping debt worries to themselves 2 September 2010
Indebted families `underclaiming on benefits` 1 September 2010
Banks writing off £40m of debt every day 1 September 2010
Britons are `rushing to repay debt` 27 August 2010
Third of Britons use savings for everyday costs 26 August 2010
Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider.
Call our freephone number for expert advice
Think Money Limited © 2010. All rights reserved. Pennington House, Carolina Way, South Langworthy Road, Salford Quays M50 2ZY. Company Reg No: 04926097. Registered in England and Wales.