Scotland ‘Leading the Way’ On Debt Solutions, Says Experian
June 7, 2016
Scotland is leading the way when it comes to helping people who are struggling with debt problems to avoid the prospect of having to enter insolvency.
That’s according to a new report on the subject from the credit ratings company Experian, which suggests that the overall number of UK consumers who entered insolvency in the first quarter of this year was 13 per cent lower than was the case in the same period of 2015.
Experian’s report says that 15 of the 20 most improved areas of Britain from the perspective of personal insolvency rates were to be found in various parts of Scotland last year.
Scottish towns were also cited as being locations in which rates of personal insolvency dropped particularly sharply between the first quarter of 2015 and the end of March this year.
According to Experian, the positive trends in Scotland are partly down to the law changes which came into effect in April 2015 and which are designed to help Scots find solutions to their debt problems that don’t involve a declaration of insolvency.
One particular solution credited with having helped a good number of Scots in financial trouble to avoid insolvency are Debt Arrangement Schemes, which allow entrants to freeze interest and charges on their debts while they make repayments to creditors.
The town of Kilmarnock in East Ayrshire was singled out by Experian as being the area of the UK in which personal insolvency levels fell most sharply between the first three months of 2015 and the first quarter of 2016.
“It’s encouraging to see the impact of the recent changes in Scotland,” said Jonathan Westley from Experian. “However, despite the many positive signs, there are still pockets of the country which are feeling the strain.”
Experian advises anyone who is struggling to cope with their debts to consider the full range of solutions available before proceeding with any and to seek advice from experts in the field before entering any form of insolvency.
If you live in Scotland and you are finding it difficult to deal with your debts then Scotland Debt Solutions can help. Call one of our offices today to speak to an expert and arrange a free consultation.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]