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With so many people in Scotland struggling with their debts, there are various solutions available including a debt arrangement scheme.

The Scottish government run scheme could help Scots resolve their financial problems and it has already helped thousands of others resolve their debt situation.

When someone signs up to a debt arrangement scheme, their debt fees, interest and charges will be frozen and their home is protected but they must keep up payments under the scheme.

Also, the debtor will be protected from their creditors from taking any further action.

One of the big appeals for the debt arrangement scheme is that it enables someone living in Scotland to repay what they owe over a reasonable length of time and at an affordable rate.

A debt arrangement scheme or a trust deed

It’s important that anyone considering a debt arrangement scheme, or indeed a trust deed, should seek suitable advice about all potential debt solutions that may be available.

Indeed, the Institute of Chartered Accountants of Scotland is warning Scots to be wary of help being offered on social media platforms.

They say that the firms who advertise or offer advice on Twitter or Facebook tend not to be a registered insolvency business but are instead lead generators for other organisations.

One of the problems for Scots who follow this route is that the opportunity of undertaking a debt arrangement scheme may not be offered since the organisation may not be recognised.

This is another reason why debt advice from a reputable organisation is always an advisable route to follow.

Potential debt solutions are available for Scots

For those who need to understand what potential debt solutions are available for Scots, then there’s a team of helpful debt advisers at Scotland’s Trust Deed.

They are available to speak with every day by telephone and there’s also a simple debt test available on their website.

This test will take a few minutes to complete and will highlight what potential debt solutions may be available.

For many Scots struggling with their debts, this online check might be all the advice they need and for those who do speak with the advisers, they should be reassured that the conversation will be confidential and any advice will be impartial.

This means that for those who are calling are under no obligation to follow the advice given.

Debt is a big problem in Scotland

There’s no doubt that debt is a big problem in Scotland with around 18% of households struggling with credit card debt and one charity says the average amount of debt it’s dealing with for clients is nearly £13,000.

The charity says that debt is generally caused by a change in personal circumstances, usually through a drop in income, while others struggle with illness, divorce and separation and some people struggle to budget properly.

The charity also highlights that lots of Scots delay finding help for their debt problems because they believe they can manage alone or are simply too embarrassed to seek help.

For those who decide not to ask the debt advisers at Scotland’s Trust Deed for help, here are some rules on debt advice:

  • Never pay upfront for debt advice
  • Seek advice from several providers including Scotland’s Trust Deed and charities
  • Ask if there are charges for their debt service
  • Be wary of anyone who advertises debt advice but does not provide a solution and passes them on to another firm for a fee

For more help and advice for people living in Scotland who are worried about their debt situation and would like to enjoy impartial advice, then speak with the advisers that Scotland’s Trust Deed.