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What is a Scottish Debt Management?

Scottish debt management is a very broad subject. On one end of the scale it may involve simple things like setting a workable budget so you have enough money left over to keep up with your debt repayments. On the other end of the scale, it may be making the decision to sequester yourself and start again because you know it's the best move to make in your situation.

A lot of people in debt say they are not managing their debt, but actually they are. It's just that they are not managing it as well as they could if they had a little Scottish debt management advice from professionals.

Money isn't an easy thing to look after
A lot of the time we operate with less than great knowledge of how to take care of the pennies, especially in times of unexpected problems or stressful events. Some of us cannot admit when we are sliding down a slippery debt slope and are often in denial about how well we can cope with the situation. This is living on a knife edge because one unforeseen problem – such as the car not passing its MOT or the boiler breaking down – will tip us over the edge and out of control.

The most fundamental part of good Scottish debt management is looking at your situation, accepting that you have a problem and taking advice from professionals on how to deal with it. What professionals you talk to depends on how serious your situation is.

Help for problems big or small
Some Scottish debt management professionals work in organisations like Citizens Advice Scotland, and are trained to be able to point you in the right direction to get the help and information you need. They can be give you advice on setting budgets, how to make sure you are getting all the benefits you are entitled to and the best way of dealing with creditors. They may also be able to point you in the right direction if you need to set up a Scottish debt management plan with your creditors.

The next level up is the advisers of Scottish debt management companies. These people have in-depth knowledge about some of the more serious Scottish debt management options such as the suitability of Trust Deeds or sequestration. Scottish debt management companies will first assess your finances and give debt advice based on a solution that will work well for your individual circumstances. They can also help you set up Scottish debt management plans and talk to your creditors and get their agreement on a manageable payment schedule.

Finally, there's the Insolvency Practitioners, who have specialised in-depth legal and financial knowledge on how to discharge your debts through the courts, often by sequestration. They will not only give you extremely detailed financial information plus the legal ramifications of any decisions you make, they will also carry out the administrative work on your behalf as well.

If you are at all unsure about what level of Scottish debt management help and advice you need and want to talk to someone confidentially, call 0800 043 2027 to talk to one of our experienced advisors, and they will help put you on the track to a happy and debt-free future

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