Being in debt can be a stressful time but there are options for Scots to deal with their debts and become debt-free.
Firstly, if you have money to repay your debts then you need to deal with the urgent debts first.
That’s because some debts are more serious to deal with than others because they have serious consequences when they are not paid.
For example, paying your mortgage or rent is crucial and you’ll need to work out how to contact and deal with creditors.
Apply for a Scottish trust deed
There’s also the option of a loan consolidation or you could apply for a Scottish trust deed, a debt arrangement scheme or bankruptcy.
There are advantages and disadvantages for each of these potential options so you should research them carefully before you make a decision.
It’s also important that you do not sign anything unless you are sure that it’s going to be the best option for you to resolve your debts.
Seeking advice is always a good idea and there’s a team of friendly debt advisers available for this purpose at Scotland’s Trust Deed.
For those who have no money left for the repaying of debts, then your options are restricted.
You could apply for bankruptcy, but this is a serious undertaking, or you could ask your creditors to write your debt off.
The debt arrangement scheme
For those who may not know, the debt arrangement scheme was created by the Scottish government to help those struggling in the country manage their debts more effectively.
You need to apply to have your debt arrangement scheme approved and you make one payment with the money being sent to creditors.
Alternatively, you can arrange for a Scottish trust deed which is a legal agreement between your creditors and yourself.
With a trust deed, creditors can no longer take action against you or even bankrupt you, but you need at least £5,000 worth of debt to apply.
One of the advantages is that you’ll need to make regular payments towards your debts and after four years, if you’ve met the obligations, then the remaining debt is written off.
Experienced team at Scotland’s Trust Deed
If you are looking for impartial debt advice, then the experienced team at Scotland’s Trust Deed can help with years of experience and lots of satisfied clients.
Along with the debt solutions detailed here, there are other potential avenues to pursue that the team can discuss in confidence with you.
If you would like more help and information about how Scots who are struggling with debt can become debt-free, then it’s time to contact the team at Scotland’s Trust Deed.