Growing numbers of Scots struggling with their debts are looking for potential solutions to their financial problems.
Whether you are struggling to maintain loan repayments or even paying day-to-day bills, there are financial commitments that leave many Scots with little money after these bills have been met.
However, there are several options available to clear debts and the helpful team of debt advisers at Scotland’s Trust Deed will be able to help.
The first step is to find impartial debt advice and this is offered by the advisers with their no obligation advice.
It’s also important to appreciate that you do not have to pay for your debt advice and should be wary about any organisation asking for payment upfront for this.
Indeed, there are companies that will charge a fee for providing a debt management plan and promises to help Scots out of their difficult financial situation.
However, it’s important to appreciate that the same service can be enjoyed for free and, in the case of Scotland’s Trust Deed, there will be more help provided as well.
Debt solutions available for Scots
From the advice and information given, there are a number of debt resolutions available for Scots but these will depend on personal circumstances.
It is also possible to arrange an informal agreement with creditors, these are the people and organisations that you owe money to, and then make repayments based on affordability after household outgoings have been calculated.
It’s also possible that the creditors may freeze the charges and interest on the debt.
Also, it’s important to appreciate that there will be in effect on your credit score which in future may make it more difficult for you to open a bank account or get credit or a loan, for instance.
For people living in Scotland there are a number of avenues unique to the country and one of them is the debt arrangement scheme, which is backed by the Scottish government.
This is a debt management tool that enables someone in Scotland to repay their debts over longer and at a rate they can afford.
The debt arrangement scheme
While the debt arrangement scheme is in place, your creditors will be prevented from harassing you for repayment.
To access a debt arrangement scheme, you need to be based or live in Scotland, have at least one debt and apply to access the scheme through an approved money adviser.
It’s also important to appreciate that you must have cash for food and household bills to live on as part of the debt repayment calculation.
The helpful team of debt advisers at Scotland’s Trust Deed can also help with other issues including a debt management plan.
Again, this arrangement is between your creditors and you to repay what you can on non-priority debts – these are the debts that are not secured against your home. The amount to be repaid is calculated after household bills have been deducted from income first.
The debt management plan will also see a schedule for repayment established and you must stick with it for the plan to remain in place.
For more help and advice about the debt arrangement scheme or a debt management plan, then speak with the helpful team at Scotland’s Trust Deed.