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While there are still big issues with the number of Scots struggling with debts, official figures show more of us are using pay rises to clear debt.

Also, more Scots are able to save after wages grew last year, Scottish government figures reveal.

However, there’s not been a rise in consumer spending which means Scots are either saving or clearing debts, financial experts say.

The figures also show that many people in Scotland are having to borrow cash to sustain their spending levels so are falling further in debt.

The figures cover the first quarter of 2019 and for those who live in Scotland and want to become debt free, there are several routes to enjoy this.

Debt advisers at Scotland’s Trust Deed

The first step is to speak with the experienced debt advisers at Scotland’s Trust Deed who can discuss the potential routes to clearing debts. They include:

  • A trust deed
  • Sequestration (or bankruptcy)
  • A debt arrangement scheme

All of these have various criteria and not everyone will qualify for a Scottish trust deed.

Under a trust deed, someone who is in debt in Scotland can write off their unaffordable debt after making repayments over 48 months.

Essentially, they will be paying back what they can afford and the amount that remains is then written off.

For those who own their home, this is a way of keeping their property though equity release may be necessary.

Scottish trust deed

A Scottish trust deed works along similar lines but there is no debt to be written off since the entire amount owed is repaid over a period of time.

For those who want to write off their debts, then sequestration is an opportunity for doing this but it needs careful thought because the ramifications can be serious.

There’s a lot to consider when dealing with debt and the experts at Scotland’s Trust Deed can help and also offer advice on:

  • Debt consolidation
  • Debt management plans
  • Informal negotiations
  • Full and final settlement
  • Remortgaging and equity release.

For more help and advice for any Scot interested in clearing their debts, then it’s time to contact the experts at Scotland’s Trust Deed.