Debt Problems To Increase Personal Insolvency Levels In Scotland

Tue, 12 Jan 2010

Nearly one hundred people in Scotland will go bankrupt every working day in 2010, according to new research.

Accountants and business advisers Pannell Kerr Forster (PKF) claim that unemployment and the possibility of rising interest rates will result in some 24,000 Scots struggling to afford their debt repayments this year due.

A study by PKF revealed that thousands of hard-pressed households across the country have been suffering with unmanageable debt every day.

Its figures show that in the three weeks leading to Christmas, over 2,000 Scots were made bankrupt, while a total of 6,294 Scots were declared insolvent in the third quarter of 2009 - the highest quarterly figure for three years.

Commenting on the findings, Bryan Jackson, corporate recover partner with PKF, said: "Whilst there are signs that the overall bankruptcy numbers are flattening out at around 24,000 people per year, this is an astonishing level of personal insolvency which is almost double the level experienced as recently as 2007.

"It is to be hoped many Scots will start the year as they mean to continue and seek to reduce their debts and ease their financial problems ."
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