New report names Fife as The Kingdom of Insolvency

New report names Fife as The Kingdom of Insolvency

A report published by Experian has shown that the Fife towns of Glenrothes and Kirkcaldy have the highest rates of insolvency in the UK. In Glenrothes, for every 10,000 people, 80 were made insolvent in 2010.

The Scottish towns of Livingston, Dunfermline, Hamilton and Paisley are also among the top ten UK towns where insolvency rates are the highest.

A spokesman for Trust Deed Scotland, an introducers of Scottish Trust Deeds advised that high unemployment in the area is likely to be one of the biggest contributing factors.

The spokesman for the Scottish based company said "Unemployment and the threat of redundancy are affecting the livelihood of many Scots and while the rest of the UK as a whole seems to be showing a greater rate of growth, Scotland is lagging behind.

Unemployment amongst our youngest is higher than the average of the UK and we urge the Scottish government to do more to help the most financially vulnerable and to help stimulate the growth of the Scottish economy, creating more jobs.

Sequestration should be a last resort for individuals who have debt in Scotland as the longevity of the impact on their credit rating is worse than that of a debt arrangement scheme or Trust Deed for example.

If you are struggling with debt in Scotland, you should try and resolve the situation with your creditors at an early stage and if you are feeling overwhelmed, don't panic as there is debt help available through debt charities such as the CCCS and CAS (Citizen Advice Scotland)."

If you live in Scotland and you owe more than 10,000 to unsecured debts such as loans and credit cards, you may qualify for a process called a Trust Deed. A Trust Deed is a form of personal insolvency that uses Government legislation and is less damaging to your credit rating than sequestration (the Scottish equivalent of Bankruptcy) and allows you write off up to 90% of your overall unsecured debts and become debt free in a typical period of 3 years.

Trust Deeds are not a solution to debt in Scotland that will suit everyone and you are advised to review your own circumstances with a qualified money advisor.

Broke Scotland Infographic link

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