No one likes to be struggling with debt and for people in Scotland there are various ways to get into better financial health but this article will focus on some practical advice.
Should you need someone to discuss your financial situation with, there’s a team of debt advisers available at Scotland’s Trust Deed who will be able to evaluate and explain what you can do to resolve your financial issues.
This may mean undertaking a Scottish trust deed or looking at the potential for a debt arrangement scheme; both of these are only available to people living in Scotland and will see debtors being repaid either in full or having part of what you owe written off. There’s also the opportunity of bankruptcy but careful thought needs to be given before embarking on this.
Alternatively, you could reduce the cost of your debts with some simple advice.
- Check your bank balance
Knowing your spending patterns is an important part of understanding and better managing your money so checking your bank balance regularly will help.
- Work out a budget
You should write down your income and then take away all essential items such as the cost of food and transport. With the remaining amount, plan what else you will need to spend and then save some of that money. If there’s no money to save then you should look closely at how you can cut your outgoings.
- Pay more than the minimum
If you’re struggling to repay credit cards, you should pay more than the minimum amount required. This will help you bring down your credit card bill much more quickly.
- Pay the most expensive card first
If you have more than one credit card, then you need to pay off the most expensive one first. Essentially, this will be the one that has the highest rate of interest. Always look to repay credit cards in full every month.
- Prioritise debts
If you have several debts you are struggling to repay, then it’s time to sit down and prioritise them. This means you need to work out the most important ones to pay because there may be further penalties by not paying; for example, not paying your rent or mortgage could see you losing your home so this would be a priority debt.
- Access free debt advice
As mentioned earlier, there’s a friendly team of debt advisers available to discuss your debt situation available at Scotland’s Trust Deed. Is important that you access free debt advice as soon as you possibly can before your debts build up further.
A protected trust deed, the debt arrangement scheme and sequestration
Along with a protected trust deed, the debt arrangement scheme and sequestration, the friendly debt advisers at Scotland’s Trust Deed may also highlight other potential debt solutions.
These may include a debt management plan, informal negotiation with your creditors and a full and final settlement.
There’s also the potential of debt consolidation and write-off as well as equity release and remortgaging.
It’s important that any debt advice you seek is impartial and remember you should never be under any obligation to follow any debt advice from a provider.
For more help and advice on how you can get out of debt, and if you are living in Scotland, then speak with the team of debt experts at Scotland’s Trust Deed as soon as possible.