Personal insolvency in Scotland statistics have been released, with Scottish Trust Deeds, the most common ‘Statutory Debt Solution’ in Scotland.
Whilst the overall number of people seeking help is a positive step for those individuals, the overall number of people seeking debt help shows little sign of letting up with the cost of living still high
- There were 2,037 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in 2022-23 Q1, an increase of 8.1% when compared with 2021-22 Q1.
- In 2022-23 Q1, 538 debtor applications for bankruptcy benefitted from the revised fee structure. Of these, 395 cases (73.4%) paid no fee at all.
- For another type of statutory debt solution, the Debt Arrangement Scheme (DAS), there were 1,182 Debt Payment Programmes (DPPs) under the DAS approved in 2022-23 Q1 compared with 1,209 for the same quarter from 2021-22, a decrease of 2.2%.
Scottish Trust Deeds: Scotland’s most used statutory debt solution
the Scottish Protected Trust Deed is often the most used debt management solution in Scotland, maintaining the trend of recent years.
Whilst bankruptcies (Sequestration in Scotland) remain a consistently used debt solution, the number of people entering into the Debt Arrangement Scheme in Scotland remains high. with over 11m being repaid by Scottish residents under the Debt Arrangement Scheme, each financial quarter.
One simple step to support
For Scottish Trust Deed, the single most important step a person can make when struggling with debt is to seek help fast.
Debt has a nasty habit of spiralling. Seeking help sooner rather than later doesn’t just put a solution in place. It can put a stop to interest and penalty charges. It can allow creditor contact to reduce and eventually stop.
In helping people get their lives back on track, the advice and support offered can make a big difference to health and mental wellbeing.
About Trust Deeds
A Trust Deed is a formal agreement between a debtor and the people they owe money to (their creditors) that can help someone who is struggling to manage their debt by themselves.
Once protected, and in return for paying a much-reduced amount over four years, an individual can clear their debts without being chased for payment or threatened with court action.
If you want to know more about how a trust deed works, you can call us on 0141 456 0430.
About Scottish Trust Deed
Scottish Trust Deed is a company offering tailored debt advice for those who are struggling with their monthly debt repayments.
Established in 2009, the company aims to help individuals in Scotland bring themselves back to financial stability and to feel empowered that they can make an informed decision on whether a formal debt solution is right for them, or not.
Trust Deed Example
Example Unsecured Debts
|2||Credit card 1||£6,812|
Your Monthly Repayments Would Be
a Scottish Trust Deed £748
(total contractual repayments)
a Scottish Trust Deed £295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances. For more information on our fees click here