Latest Figures Show Rise in Use of Debt Arrangement Schemes

October 27, 2016

A growing number of Scots are entering into Debt Arrangement Schemes (DAS) as a means of dealing with their personal debts and their financial management issues.

According to official figures released by the Accountant in Bankruptcy (AiB), there was a 29.8 per cent rise in the number of people entering into a DAS during the second quarter of the year 2016/17.

The news was welcomed by Paul Wheelhouse, Scotland’s business, innovation and energy minister, who described the figures as “reassuring” and described DAS as being a helpful means through which indebted Scots can “make a fresh financial start without facing the distress of insolvency”.

The AiB’s figures show that £9.2 million was paid back to creditors through Debt Arrangement Schemes in Scotland over the course of the three months to the end of September 2016.

Meanwhile, there were a total of 2,424 people entered into an official form of personal insolvency during the quarter, which represented an increase of 0.8 per cent as compared with the previous three months.

The number of people in Scotland who entered either bankruptcy or a protected trust deed during the second quarter also increased as compared with the same quarter of the year before.

However, AiB officials have pointed out that 2015/16 was an unusual year as far as personal insolvency figures in Scotland are concerned because the legal framework relating to the associated processes were substantially changed in April 2015.

Although the latest numbers show increases in bankruptcy and entry into protected trust deeds, from a broader perspective, Scotland’s personal insolvency rates have been falling since 2008/09.

“While it is never acceptable to have people struggling to make ends meet, it does appear we are seeing a more regular pattern emerge in personal insolvencies,” said Paul Wheelhouse in a statement.

“Numbers were at historic lows during 2015-16 as the industry readjusted to the new legislation. A more accurate comparison is with the same period in 2013-14 and 2014-15, where we are 35.3 per cent and 32.7 per cent lower today respectively.”

If you live in Scotland and interested in finding out more about any form of insolvency or debt management solution then Scotland Debt Solutions can help. You can contact us directly to arrange a free and confidential consultation.



John Baird

Insolvency Adviser

Tel: 0800 063 9250

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