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More people are managing to sort their debts out before they reach the point where insolvency's the only option. See the latest statistics here.
We've just seen the latest insolvency figures, and it looks like fewer people are struggling with serious debts these days: the number of Scots entering insolvency fell again in the first three months of 2013. In particular, there was a big drop in the number of people starting a Trust Deed.
Over the last ten years…
Accountant in Bankruptcy - Scotland's Insolvency Service - publishes its insolvency figures by financial year, which starts in April and finishes in March the next year.
Personal Insolvencies since 2003
| Bankruptcies | Trust Deeds | Insolvencies (Total) | |
|---|---|---|---|
| 2003/4 | 3,249 | 5,670 | 8,919 |
| 2004/5 | 3,485 | 6,144 | 9,629 |
| 2005/6 | 5,423 | 7,199 | 12,622 |
| 2006/7 | 5,855 | 8,298 | 14,183 |
| 2007/8 | 6,158 | 7,509 | 13,667 |
| 2008/9 | 14,777 | 7,633 | 22,410 |
| 2009/10 | 13,810 | 9,188 | 22,998 |
| 2010/11 | 11,443 | 7,980 | 19,423 |
| 2011/12 | 11,056 | 9,194 | 20,250 |
| 2012/13 | 8,814 | 8,177 | 16,991 |
Source: Accountant in Bankruptcy (AiB) - Scotland's Insolvency Service
The latest figures were released just this morning. They show that between January and March this year, 3,472 Scots were declared insolvent. That number's almost 29% lower than it was over the same period last year.
In fact, insolvencies have come down a long way since 2009/10, when almost 23,000 Scots entered bankruptcy or a Trust Deed. In 2012/13, that figure was under 17,000.
At DAC Scotland, we believe the numbers are levelling off now - they're getting back to more normal levels after a serious 'spike' in 2009, and we don't reckon we'll see any major changes in the near future.
Don't forget: insolvency's not the only solution
One thing to remember is this: if you deal with your debts before things have got too bad, there could be a simpler way to get out of debt.
For one, you might be able to enter a DPP (Debt Payment Programme) under DAS (the Debt Arrangement Scheme). DAS helps Scots deal with their debts before they get too bad and they're left with no choice but insolvency.
So the Scottish Government and Accountant in Bankruptcy have been making sure people know about DAS. Providers like DAC Scotland have been getting the message out there too. And as you can see, it's helping more and more people…
| DPPs under DAS | |
|---|---|
| 2005/6 | 149 |
| 2006/7 | 134 |
| 2007/8 | 442 |
| 2008/9 | 386 |
| 2009/10 | 1,417 |
| 2010/11 | 1,910 |
| 2011/12 | 3,319 |
| 2012/13 | 4,632 |
Source: Accountant in Bankruptcy (AiB) - Scotland's Insolvency Service.
Could DAS help you?
If you're worried about your debts and wondering whether DAS might be the right approach for you, just click on 'Find the right debt solution for you' and fill in a few details. You'll get an on-screen answer straight away - then one of our advisers will call to talk you through it and see if we can help.
Want to know more about DAS and how it works? Take a look at our DAS page.
by Christine Walsh
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