The Accountant in Bankruptcy released its annual report and accounts 2018-2019 last week and it makes for sobering, if not unsurprising reading.  

The AIB reports a steady increase in personal insolvency numbers across all products, but particularly protected trust deeds, with that trend predicted to continue into 2020.

While the cause of the increase cannot be isolated to one factor, economic uncertainty (notably around Brexit) is clearly having an impact. Concerningly, those struggling are doing so around ordinary household bills, rather than debts incurred due to things like car finance and holidays, which we saw in the past.

Scotland has a range of debt relief products to help consumers who find themselves in financial difficulty.  The advice remains to seek assistance early, but unfortunately the financial hardship facing many individuals and family looks set to continue.