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If you are one of the growing numbers of Scots struggling with debt, then 20 20 might be the year for you to resolve this situation.

The team at Scotland’s Trust Deed have lots of experience in helping Scots get out of debt and into a better financial situation.

There are debt solutions available to people living in Scotland and they include:

  • A Scottish trust deed

A trust deed is a voluntary agreement between yourself and your creditors. Once agreed, you need to pay an amount every month and when this agreed period comes to an end, then the debt will be written off.

A Scottish trust deed is a popular route, particularly for those who may own their home, and you’ll need to have at least £5,000 in debt for the criteria for a trust deed to be agreed.

  • The debt Administration scheme

Another popular route for Scots to get out of debt is a debt arrangement scheme. This is an opportunity for people to manage their debt effectively and was created by the Scottish government.

It is similar to a Scottish trust deed and once the debt arrangement scheme has been approved, then you’ll make one regular payment to what is known as the payment distributor who then pays that money to your creditors. While you cannot apply directly for the debt arrangement scheme, an application must be made on your behalf by an approved money adviser.

Pros and cons of a Scottish trust deed

Fortunately, Scotland’s Trust Deed has a team of experienced and friendly debt advisers who can make this application for you and also discuss the pros and cons of the scheme as well as a Scottish trust deed.

Both routes provide an opportunity to get out of debt and have proved to be popular with Scots, but you must maintain the agreement because doing so means your creditors can no longer hassle you for repayment.

Scotland’s Trust Deed

Scotland’s Trust Deed’s team can also discuss the potential of sequestration or bankruptcy and they can also discuss:

  • A debt management plan
  • Debt write-off
  • Informal negotiation
  • Debt Consolidation
  • Full and final settlement
  • Remortgaging or equity release.

Helpful free debt advice

There’s a lot to consider for people living in Scotland when it comes to resolving their poor financial situation and if you want confidential and helpful free debt advice from a friendly team, then you should contact Scotland’s Trust Deed today on (0141) 297 1178.