‘PERSONAL bankruptcies in Scotland hit a record high last year, new figures showed yesterday, and insolvency experts warned the worst could be yet to come.
The number of Scots sequestrated - the Scottish legal term for bankruptcy - surged more than 50 per cent during 2005, but tens of thousands more could be struggling under a huge debt mountain.
The data came as further statistics showed the number of properties being repossessed in the UK rose 70 per cent, as borrowers fell behind on repayments.
Almost 5,000 Scots were forced into bankruptcy in 2005, according to figures from the financial and business advice firm, Grant Thornton, compared to just 3,300 a year ago.’
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- Personal finance advertising lagging behind consumer internet drive
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- Brits break personal finance pledge
- Bankruptcies in Scotland soar by 50%, but worst is still to come