Scottish Insolvency Statistics 2013

The Scottish insolvency statistics for the third quarter have been published revealing nearly 350 Scots are becoming insolvent every week.

Looking back to 2012, the figures uncovered that there were 4,063 personal insolvencies in Scotland, 1,859 awards of bankruptcy, and 2,024 protected trust deeds.

The bankruptcy figure has fallen by over a third in the past year, and in the case of low income debtors by nearly 43% - which follows on from a 100% price increase in the cost of applying for bankruptcy introduced by the Scottish Government last year. For some, that’s suggesting many of those who require help are no longer able to access it.

It comes at the same time a new report reveals that over a third (34%) of Scots are unaware of the debt management options available to them – leaving experts worried that people don’t know of the help and advice which could potentially change their life.

Financial expert Peter Dean, Managing Director of The Carrington Dean Group Limited has gone through the statistics with us in more detail and looks at what they mean for the economy.