Debt Advisory Centre Scotland welcomes fall in insolvenciesThe Debt Advisory Centre Scotland welcomes figures from the Accountant in Bankruptcy (AiB) showing that insolvencies in the first quarter of the 2011/2012 financial year dropped 1% on the same period last year.by Melanie Taylor Thursday, August 25, 2011
Despite the small year-on-year dip, insolvencies were up by 25% on the previous quarter. Protected Trust Deeds recorded an increase of 51% in this period, while bankruptcies increased by 10%. There was also a significant increase in the number of Debt Payment Programmes awarded through the Debt Arrangement Scheme (DAS). Enrolment to the scheme was up by 30% compared with same quarter in 2010, and up 35% on the previous quarter. AiB is responsible for administering and recording personal bankruptcies and corporate insolvencies in Scotland. An expert at Debt Advisory Centre commented: "Obviously we're pleased to hear about any drop in the number of insolvencies, as it suggests people are looking after their finances better. Also, as more people are entering DAS, a potential alternative to insolvency, it appears people are perhaps seeking help earlier, before they reach the stage where insolvency is the only way forward. "However, insolvencies are up by 25% on the previous quarter, which is a cause for concern - as it suggests that high levels of debt could continue contributing to future insolvencies. "If you have debts that you're struggling to deal with, there are a number of steps you can take that could help you avoid insolvency. First of all, don't hide from the problem or ignore contact from your lenders. It's better to explain your situation to them and show them that you are making every effort to repay what you can. "You'll need a clear idea of how much you have coming in every month and how much you have available to repay to your debts after all your essential living expenses are taken care of. You may be able to manage your finances better if you plan your budget carefully and make some changes to your spending. A handful of small changes could make a big difference. "You should also explore whether you are entitled to any benefits, or, for example, if you could increase your income at work - perhaps by doing some overtime or taking on a part-time job. Or it may simply be that reducing your spending (by cutting back on luxuries, for instance, changing utility suppliers or using public transport) might be enough to get you back on track." "If you have tried this approach already and still have concerns about how you're going to manage to meet your debt repayments, it would be advisable to seek professional help to see what debt solutions might be appropriate for you. There are a number of debt solutions available exclusively to Scottish residents - the Debt Arrangement Scheme (DAS), Trust Deeds, LILA and sequestration - and a professional debt adviser will be able to help you assess your suitability for each. Alternatively, you can contact the Debt Advisory Centre to find out more about any of these debt solutions." -ENDS- Notes to Editors The Debt Advisory Centre Scotland provides debt help and advice to Scottish residents. It's part of the Think Money Group, which is one of the UK's leading financial solutions providers and delivers a comprehensive range of financial services, including debt, insurance and banking solutions. For more information, visit the Debt Advisory Centre Scotland website at http://www.dacscotland.co.uk/trust-deeds/. Contact: Melanie Taylor Debt Advisory Centre Scotland Melanie.Taylor@dacscotland.co.uk Tel: 0845 056 6480 Debt Advisory Centre Scotland provides debt help and advice to Scottish residents. It''s part of the Think Money Group, which is one of the UK''s leading financial solutions providers and delivers a comprehensive range of financial services, including debt, insurance and other financial solutions. Debt solutions are subject to conditions and acceptance. Your credit rating may be affected. Fees are payable if continuing services provided. Repaying debt over longer may increase the amount to be repaid. For more information, visit the Debt Advisory Centre Scotland website at http://www.dacscotland.co.uk. Contact: Melanie Taylor Debt Advisory Centre Scotland Melanie.Taylor@dacscotland.co.uk Tel: 0845 056 6480 General |
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