If you thought you and your debt problems are rare and it’s something to be quiet about then think again because new research reveals that millions of people in the UK are struggling with debt.
One debt advice organisation says its research reveals that one in six of us are struggling with money troubles and have what is termed as ‘problem debt’.
They say individuals who are over-indebted are those who find keeping up with their credit commitments and bills a ‘heavy burden’.
The problem is highlighted if they have missed a repayment in at least three of the last six months.
The organisation says that nearly 16% of people living in Scotland were described as ‘over-indebted’.
Scotland is in eighth place for problem debt
Of the 12 UK regions monitored, Scotland is in eighth place for problem debt with those in England’s north east struggling the most.
However, the organisation says there’s also lots of evidence that points to people struggling with debts receiving free debt advice making a big difference in their bid to get out of debt.
They say that of 65% of those who received debt advice and who were struggling to repay debts had managed to repay them within the next three to six months.
For those who are struggling with money, you should not have to pay for debt advice though there are some firms that do charge a fee.
For Scots who are struggling then there are a number of solutions that will help you get into better financial health.
A trust deed or a debt arrangement scheme
Perhaps the most effective would be to use a trust deed or a debt arrangement scheme.
If you are struggling with your finances and would like helpful advice then it’s time to contact the team of debt advisers at Scotland’s Trust Deed for more help.
They will be able to point you into the right direction to finding solutions to your financial situation.
As mentioned previously, the potential of a trust deed will see you becoming debt free within four years and whatever amount of debt is remaining at the end of that term is then written off as being unaffordable.
Alternatively, there’s also the opportunity of undertaking a debt arrangement scheme, this is run by the Scottish government, and it works along similar lines to a trust deed.
The only difference is that all of the debt is repaid over a period of time and you will be debt free.
People living in Scotland struggling with debt
Both of these opportunities are only available to people living in Scotland struggling with debt and the team at Scotland’s Trust Deed can help with arranging them or assessing whether you will be eligible.
There’s also, for people struggling with money in Scotland, the opportunity of sequestration which is better known as bankruptcy. There are some issues with sequestration which can have a serious impact on your future potential to get credit.
Also, for those who do not want to speak to someone about their debts, there is an online debt test available on the Scotland’s Trust Deed website which will help highlight what help is available and what you can do.
The helpful team of debt advisers at Scotlandstrustdeed.co.uk are available to speak with every day and their advice is impartial but it will prove helpful.