Accountancy firm PKF have released an estimation based on 2011 figures that in 2012 as many as 20,000 Scottish residents or 400 per week will enter into some form of sequestration or a protected trust deed.
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Accountancy firm PKF have released an estimation based on 2011 figures that in 2012 as many as 20,000 Scottish residents or 400 per week will enter into some form of sequestration or a protected trust deed.
On releasing the information, Bryan Jackson of PKF advised that public sector job losses, uncertainty in the Eurozone and fluctuation in the economy were to blame and added that “Personal insolvencies will continue to rise and remain at high levels for several years to come.”
Scottish debt advice company Trust Deed Scotland, a leading introducer of Protected Trust Deeds concur with the predictions set by PKF and a senior analyst for the Scottish owned and operated organisation advised “2011 was a difficult year for many Scots and based on the thousands of calls we took last year, it is clear that Scots from all walks of life are feeling the brunt of the after-effects of the recession.
Many of the people that we speak to a daily basis are living a month-to-month existence and unfortunately some rely on short term measures such as Payday loans and bank overdrafts to pay the minimum amounts on their credit cards and store cards.
These are real issues affecting the lives of real people.”
As reported across Scotland, from the BBC to the Glasgow Evening Times, many Scots are in danger of falling into an untenable personal financial position, however the analyst further added “These figures show the level of severity of the financial difficulties that Scottish families are facing.
That said, we don’t want to dwell on the numbers too much, Debt Arrangement Schemes and Protected Trust Deeds help people to manage their debts and with so many people who have been struggling with debts, the months and sometimes years of financial uncertainty has caused stress, fear and vulnerability.
Using a Protected Trust Deed in Scotland has helped thousands of people to get their lives back on track again in a relatively short space of time.”
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