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Initiative announced to support Scottish people in debt More Scots with extreme credit card debts, charity reports Govt actions `could lead to debt for pensioners` Middle-class families in south-east `most in debt` Scottish bankruptcies double BBC Scotland looks at effects of debt on health Scotland avoids house price decline Optimism for Scottish economy Demand for staff in Scotland highest in UK Scots `faring better from credit crunch` Scottish markets "remarkably robust" Crunch `affecting Scottish consumers worse` Scots `feel inflation to be 8.4 percent` Scots calm as UK `goes switching crazy` Scottish house prices `dropped at end of 2007` Debt problems grow for Scots as bankruptcies soar Scots `positive` over new year debts Generous Scots spreading festive cheer Areas of Scotland `most indebted in the UK` Scottish house prices soar

`Nearly 14,000` Scots insolvent

06/08/2007

Almost 14,000 people in Scotland have been declared insolvent during the past 12 months, new figures indicate.

On a quarterly basis, data from the Department of Trade and Industry indicated that 3,498 Scots were either sequestrated - the Scottish term for bankruptcy - or entered into a protected trust deed (PTD) between April and June, the Scotsman reports.

Of this number, PTDs decreased 15.5 per cent to 1,892 and sequestration rose 23.1 per cent to 1,606 from the same period in 2006.

Separate research from PKF found that the average person taking out a PTD was 40, while one-quarter were under 30.

Bryan Jackson, corporate recovery partner at PKF, told the publication that a buy-now, pay-later culture has contributed to the increase of debt in Scotland.

The news comes as the Insolvency Service released figures showing that more than 10,000 people in the UK took out an individual voluntary arrangement in the second quarter of 2007.

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