For people who live in Scotland, there are a number of debt solutions available that are only applicable to those in the country.
Among the ways for Scots to get out of debt are:
- Protected trust deeds
- A debt arrangement scheme
For those who may not know, sequestration is the name for bankruptcy in Scotland.
Seek debt advice
However, it’s important that every debt solution should be considered carefully and you should seek debt advice on the potential options.
For those who may have some money to help pay their debts, then you need to make a list with the most important debts being placed first.
That’s because some debts are not only more urgent for repayment, but they may carry serious consequences if you don’t pay them.
For example, paying your rent or mortgage would be considered as a priority debt, so you should pay these first.
If you do have money for paying back debt, then you’ll need to consider how to go about doing this. Among the options are:
- You could contact your creditors yourself to discuss your options
- You could ask a debt management company to help deal with your creditors on your behalf
- There’s also the potential of a loan consolidation, which will see all your debts being placed into one loan.
A Scottish trust deed
As mentioned earlier, there’s also the potential of applying for bankruptcy, a Scottish trust deed or the debt arrangement scheme.
There are advantages and disadvantages to each of the potential debt solutions and you will need to consider them carefully.
This means you should get as much information as you possibly can before reaching a decision on which one will best suit you and your circumstances.
For those who may not have any money for paying off debts, then you could consider approaching your creditor with a view to writing off the debt that is owed.
You can also apply for bankruptcy directly.
Debt solutions available to people living in Scotland
However, one of the best ways to understand the potential debt solutions that are available to people living in Scotland, is to speak with the experts at Scotland’s Trust Deed to see which solution will work best for you. Contact the friendly team of debt advisers on (0141) 297 1178 today.