Ten Scottish towns now among UKs best for personal insolvency rates

According to data gathered by credit rating firm Experian, Hamilton in South Lanarkshire saw the biggest recovery, with insolvency rates decreasing dramatically from 13 in every 10,000 households in the second quarter of 2014, to three in every 10,000 over the same period this year.

The study showed that of the 286 areas of Britain reviewed,, Falkirk was placed eighth among the most improving towns in terms of personal insolvencies, Clydebank was ninth and Glenrothes was 10th.

Also in the top 30 in the study were Kilmarnock (14th), East Kilbride (15th), Glasgow Parkhead (18th), Perth (23rd), Dumfries (24th) and Kirkcaldy (30th).

However, the south of England has seen the greatest deterioration in personal insolvencies.

But Experian said its research shows that Britons are becoming increasingly more financially savvy and benefiting from improving financial conditions.

As a result, across the UK, six in every 10,000 households became insolvent in the second quarter of this year, compared to 10 in every 10,000 households in the same period last year, with Scotland and the north of England faring best.

The research showed that at the other end of the scale, England’s southern towns have the highest rate of insolvencies per household.

The number of people declaring themselves insolvent grew at the fastest rate in Hatfield in Hertfordshire. The town’s rate increased from six in every 10,000 households in the second quarter of 2014 to eight in every 10,000 households this year.

Torquay had the highest insolvency rating with 16 in every 10,000 households.

Andy Wills, data director at Experian consumer information services, said: “While it’s encouraging personal insolvency levels are falling overall, there are still pockets of the UK that are feeling the strain.”