25 May 2006
An increase in the amount of secured loans taken out by homeowners has been blamed for a rise in repossessions in Scotland.
The amount of repossession orders handed out increased by over a third in a year, according to the government figures obtained by the SNP.
Last year, 6,285 repossession decrees were issued. That was a 34% increase on the 2004 figure and 50% higher than the number seen in 1990.
Kenny MacAskill, the party's justice spokesman, blamed the rise on lending to vulnerable groups.
Bryan Jackson, a partner at insolvency firm PKF, told the Scotsman: "The effect of the 'live now, grab today' society is already visible in rising insolvency figures, particularly among people aged under 30.
"I would not be surprised if the number of repossession decrees had increased, although the extent of the rise is unexpected. We do have a consumer debt problem, and it is not just about credit cards - it is houses and other loans."
The figures come just a day after the charity Citizens Advice released figures suggesting that those who contact it with debt problems have an average debt of £13,153.
Compare secured loans and find the best secured loan for you with the uSwitch.com loans comparison service
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.