If you live in Scotland and are worried about your level of debt then you need to be aware of what your potential solutions might be.
Indeed, it will help to have an impartial and confidential discussion about your financial situation with experienced and friendly debt advisers.
You can do this with the friendly team available at Scotland’s Trust Deed and there’s also an online debt test to see what potential solutions may be open to you.
There are a number of issues that someone in debt may already struggle with such as being behind with paying their electricity and gas bills, or they are facing disconnection of the utilities, or they cannot afford to repay the minimum amount on their credit cards.
They may also be a need to rely on payday loans or they pay their bills late because they don’t have the money available.
Being behind on their mortgage or rent
There’s also the big worry about being behind on their mortgage or rent and they fear they are about to be evicted.
All of these issues will create stress and worry but it is possible to take action to resolve these problems and get out of debt.
The main point for those who are living in Scotland is that there are several ways to overcome indebtedness but you need to choose the solution that’s right for you.
This will mean speaking with debt advisers who will understand your circumstances and how much money you have available to resolve your debts.
There’s no point ignoring debts or creditors chasing you for payment because it’s a problem that can easily spiral out of control.
It may be that the situation is so bad that the potential of sequestration, or bankruptcy, will appeal because this may resolve your debt problems. However, you’ll need to take advice and then consider carefully before opting for sequestration.
Scottish government run debt arrangement scheme
Alternatively, there’s the Scottish government run debt arrangement scheme which will enable someone living in Scotland to repay what they owe at an amount they can afford over a longer period of time.
There’s a legal protection when you undertake a debt arrangement scheme so your creditors will no longer be able to hassle you.
The big attraction is that all that you owe will be repaid whereas with a Scottish trust deed there may be an amount of debt when the agreed term comes to an end and this amount will be written off.
Not everyone is eligible to sign up for a trust deed because of the criteria involved but for many people struggling financially in Scotland, the debt arrangement scheme has a lot of attractions.
Friendly team of debt advisers
If you would like more help and impartial advice about what debt solutions may be available to you and your current circumstances, then it’s time to contact the friendly team of debt advisers at Scotland’s Trust Deed.