‘SOME 10,000 Scots could face severe debt problems in the next year, it was claimed yesterday, after new data revealed a near 30 per cent surge in personal bankruptcies.

The number of consumers north of the Border being sequestrated - the Scottish term for bankruptcy - soared to 908 in the first three months, up 26.1 per cent year-on-year.

That was driven by a 13.1 per cent increase in the last three months of last year, the statistics from financial adviser Grant Thornton showed.

The quarterly figure was the second highest ever recorded - just short of the 923 registered in the third quarter of 2004.

If the trend continues, 3,632 Scots could be made bankrupt this year - up 10.2 per cent on the previous year and the highest annual figure ever.’

Read more at Personal bankruptcies soar 30%

Recent Entries

• Record number of savers look to stash cash in tax-free Isas
• Savings targeted by 43%
• Personal finance advertising lagging behind consumer internet drive
• £1 a week earns 14 years of freedom
• Third of Scots have no more than £100 put away
• Debit accounts can help youngsters learn lessons about money
• £130,000 - the cost of life as a pensioner
• UK set for strong mortgage revival
• Brits break personal finance pledge
• Bankruptcies in Scotland soar by 50%, but worst is still to come

This entry was posted on Tuesday, May 10th, 2005 at 2:16 pm and is filed under Personal Finance - General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.