With growing numbers of Scots struggling financially, there may be a need for them to seek help and advice about how to become debt free.
The team of impartial debt advisers at Scotland’s Trust Deed have lots of experience and can offer details about potential debt solutions and this advice is impartial which means you do not have to follow what they recommend.
For people living in Scotland, there are a number of debt solutions available that are not available in the rest of the UK.
Here we will outline what they are and focus on a few, including a Scottish trust deed, bankruptcy and a debt arrangement scheme.
Other articles on the Scotland’s Trust Deed website will also cover writing off debt and undertaking a full or final settlement with creditors.
First step to becoming debt free
The first step to becoming debt free is to seek an impartial debt advice.
There’s no need to pay for this advice and whoever you approach will need to spell out the most suitable way for you to manage and then clear your debts.
Also, there’s no time like the present to seek advice because the sooner you start, the sooner you’ll get back on track financially.
It also needs to be appreciated that of the debt solutions available, you’ll need one that is suitable for your personal circumstances.
If you can reach an informal arrangement with your creditors, then this may be a suitable solution, but otherwise you’ll need to consider a more formal debt resolution process.
The debt arrangement scheme
For people living in Scotland there is a free debt management solution called the debt arrangement scheme.
The big attraction for this is that it enables someone struggling financially to repay debts over a period of time, but this will be at an amount they can afford.
While you are repaying the agreed amount you will be protected from your creditors hassling you and trying to recover money.
As with all solutions there are criteria attached and to be eligible for this scheme you must be based or live in Scotland, have at least one debt and apply using an approved money adviser.
It’s also important to appreciate that the amount that is agreed upon will be decided after you have paid essential bills, including food and other outgoings.
A Scottish trust deed
A Scottish trust deed also enables someone in Scotland who is struggling financially to repay what they can afford, but usually over a three or four-year period.
The deed itself is a voluntary agreement between you and your creditors to repay an agreed amount.
For many of those who undertake a Scottish trust deed, the big attraction is that when this agreed period of repayments ends, the amount that is left will be written off as unaffordable.
Also, the protection will see that no interest is added to the debt and your creditors cannot take you to court.
There’s no doubt that for people living in Scotland and who are struggling with their finances that there are debt solutions available but you need to contact the experts to find out which one is suitable and how to begin the process of repaying debts and becoming financially stable once more.
Debt arrangement scheme or a Scottish trust deed
For more advice about the debt arrangement scheme or a Scottish trust deed, then you should contact the impartial and friendly team at Scotland’s Trust Deed.