Personal Debt Snapshot

July 11, 2017

Graeme Smith, Insolvency Practitioner, is a member of R3, the Association of Business Recovery Professionals who have issued the results of a survey highlighting that the statistics show:

  • 36% of adults in Scotland are worried about their current level of debt.
  • 43% of adults said they often or sometimes struggle to make it to payday. The main reasons why these adults struggle financially is as a result of the cost of food (47%), fuel or transport costs (e.g. train fares) (40%), household energy costs (excluding petrol and diesel) (37%), paying for rent (25%), making credit card repayments (22%), and spending on going out or non-essentials (e.g. clothing, entertainment, subscriptions, presents, etc.) (22%).
  • 28% of people think their personal financial situation will improve over the next six months. 19% think it will worsen over the same period.

Given the level of concern regarding personal debt in Scotland, and the likely impact of this within the free money advice sector, Henderson Loggie’s experienced Insolvency team are available to provide free debt advice through our regulated debt advisory arm, First Step Debt Advice Ltd. Our team take pride in ensuring clients are offered free, impartial advice on all debt relief options assisting them to find the correct solution to their debt problems. Henderson Loggie is an appointed representative of First Step Debt Advice Ltd, which is authorised and regulated by the Financial Conduct Authority.

Read more about our insolvency team and what they do