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25.01.2017

Study: Scots Better At Seeking Help With Debt

As the largest personal insolvency firm in the UK we have the unique ability to be able to read the market and notice developing trends within the Financial sector of Britain. With personal debt growing each quarter more people are finding themselves in financial difficulties and choosing to seek help. As mentioned by the Bank of England the “just about managing” or JAM sector are increasingly finding that they do not enough savings to cover unexpected expenses.

From analysing our client data stark differences become apparent into the demographics of debt around the UK. With Scottish towns account for 4 of the top 10 positions despite having around a tenth of the population creates a discussion. Is debt more prevalent across the border or is there better systems in place for people to recognise when help is needed.

For the extended list of postcodes more prevalent in seeking help with debts see below;

  1. 33.4 in every 10,000 – Motherwell (ML)
  2. 31.6 in every 10,000 – Kilmarnock (KA)
  3. 23.2 in every 10,000 – Glasgow (G)
  4. 21 in every 10,000 – South East London (SE)
  5. 20.7 in every 10,000 – Plymouth (PL)
  6. 20.4 in every 10,000 – Doncaster (DN)
  7. 19.2 in every 10,000 – Edinburgh (EH)
  8. 19.2 in every 10,000 – Middlesborough (TS)
  9. 18.5 in every 10,000 – Rochester (ME)
  10. 17.9 in every 10,000 – Northampton (NN)
  11. 17.8 in every 10,000 – Manchester (M)
  12. 17.7 in every 10,000 – Stoke-on-Trent (ST)
  13. 17.5 in every 10,000 – Swansea (SA)
  14. 17.5 in every 10,000 – Nottingham (NG)
  15. 17.3 in every 10,000 – Cardiff (CF)
  16. 17.1 in every 10,000 – Peterborough (PE)
  17. 17.1 in every 10,000 – Liverpool (L)
  18. 16.9 in every 10,000 – Portsmouth (PO)
  19. 16.8 in every 10,000 – Birmingham (B)
  20. 16.7 in every 10,000 – Newcastle upon Tyne (NE)

Debt has always been a very personal issue, something spoke about in hushed tones as to not let anyone know as though its something to be ashamed of. However, with more people struggling with debt across the UK and increasing applications for help not just with ourselves but across the entire market perhaps discussing debt is what is needed. Recognising that you need help needn’t be shameful but in fact the first step on the road to financial recovery.

Ever wondered how your postcode shapes up against the rest of the UK, use our postcode debt checker to see averages of those in financial arrangements. Please note all markers are rough indicators of a plan and not a specific person or address.

If you need more information about the options available to you in dealing with your debt, you can always speak confidentially with one of our friendly advisors on 0808 2085 198.

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