Scottish brokers can play key role in containing sharply rising insolvency numbers
Glasgow, 25 October 2018 — Scottish mortgage brokers can play a key role in containing the sharply rising number of personal insolvencies in the country.
This is the verdict of Peter Dean, an insolvency expert and co-founder of Glasgow-based specialist finance broker, Your Expert Group.
This week, the Accountant in Bankruptcy (AiB), an executive agency of the Scottish Government, revealed that between July and September 2018 the number of personal insolvencies in Scotland rose by nearly a quarter (23%) compared to the same period last year.
But Dean says the arrival of new specialist lenders in Scotland offering more competitive second charge products and flexible underwriting criteria can play a key role in helping to contain, if not reverse, this rise.
Peter Dean, Co-founder and Director, Your Expert Group, commented:
“It’s disappointing to see such a sharp rise in insolvencies in Scotland, with Protected Trust Deeds, a form of personal insolvency, up 42% on the same quarter last year. While these plans will be the right option for some, the message we’re keen to get out to the Scottish broker community is that the much more competitive second charge products being offered by the new lenders launching here are another viable solution. In many cases, a secured loan could be a far more palatable alternative for struggling homeowners than entering an insolvency process for potentially many years.”