Media comment: New financial rehab regulations laid in Scottish Parliament

Friday 20 February 2015

Following the Scottish Government’s announcement about new financial rehab regulations yesterday, Scotland Manager for the Money Advice Service comments:

“We welcome these regulations as an important step towards improving the financial capability of people who are have experienced debt problems in Scotland. Saving is a vital part of preventing and overcoming over-indebtedness and can help to improve financial stability in the future.

“Last year we discovered that 25% of people in the UK would be forced to go into or increase their debt if they received an unexpected bill. In response to this, we campaigned for people to save just three pounds a day, to enable them to cope better with unexpected debts which can tip families into problem debt.

“Encouraging people to save is a priority for the Money Advice Service and we will continue to work closely with key stakeholders in Scotland, including the Accountant in Bankruptcy to ensure that this is high on the agenda through use of the Common Financial Tool and the Standard Financial Statement.”

For more information, please contact: The Money Advice Service press office on 020 7943 0593 or pressoffice@moneyadviceservice.org.uk.