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Scottish debt problems lead to increase in bankruptcies

24/07/2009

The number of Scottish people declared insolvent in the first quarter of 2009 was 33% higher than in the same period last year, according to official statistics.

The Accountant in Bankruptcy, Scotland`s equivalent of the Insolvency Service, said that 6,294 people were declared insolvent between January and the end of March.

More than 3,700 of these cases were bankruptcies - a 31% rise on the first quarter of 2008.

A spokesperson for Debt Advisers Direct said: "Last year saw a significant increase in the number of insolvencies in Scotland, and it looks like 2009 may be similar.

"We advise anyone facing severe debt problems to ensure they speak with a debt adviser about the best way to tackle their debts.

"There are a number of debt solutions available that could help people to avoid bankruptcy - although in some cases bankruptcy may still be the best option."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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