Debt problems in redundancy
15/11/2010More than a quarter of people in Scotland say they would succumb to debt problems built up by utilities in the home, only one month after losing their job.
The research comes from insolvency body R3, which found that more than one in four consumers would need to default on their bill payments only four weeks into a redundancy.
Half the participants in the survey said they would begin to struggle severely if they remained unemployed after six months.
The study comes a week after the Insolvency Service released figures saying 400 Scots had become bankrupt due to debt problems in the third quarter of this year.
Debt advice specialist Kevin Still of Atlantic Financial Management says, "At the recent Debt Resolution Forum (DRF) conference the Accountant in bankruptcy for Scotland also highlighted the expected rise in regulated Debt Management Schemes to an estimated 2,000 in 2011, with Protected Trust Deeds also rising."
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