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Personal Insolvencies in Scotland on the Rise

Personal Insolvencies in Scotland on the Rise

In 2018-19, the number of personal insolvencies in Scotland rose by 5%.

It is reported that there were 4,862 ‘awards’ of bankruptcy (sequestration) in Scotland and 7,917 protected trust deeds (PTDS) There was also a rise in the approvals of the debt arrangement scheme (DAS).

The Scottish government’s business secretary Jamie Hepburn said the figures highlighted “the challenging economic times we are facing with more Scots experiencing increased financial pressures”.

He added: “The ongoing uncertainty around EU exit, alongside the challenges of the roll-out of Universal Credit, bear much of the blame.

“In this climate it is more important than ever that people encountering financial difficulty seek early advice and the appropriate solution.

“It is welcome to see an increase in the number of Scots accessing the Scottish Debt Arrangement Scheme which helps them to pay back their debts. Recent reforms to the scheme will also allow more individuals in Scotland to benefit from this initiative going forward.

“The Scottish government urges those in financial distress to obtain money advice at the earliest possibility in order to take control of their finances and ensure the right debt solution is found to suit their circumstances.”