Write Off Unaffordable Unsecured Debts
With A Scottish Trust Deed...
Helping you find the money advice and debt help in Scotland
Are debtors plaguing you daily with nasty phonecalls? Do you jump every time the phone rings or there’s a knock at your door because you’re worried your creditors will call – or worse the bailiffs will? You know decisive action in needed quickly to stop things getting worse, but you’re not finding it easy to get the right debt help in Scotland.
Maybe you can’t make the minimum payments on your credit cards any more because your lender deliberately pushed up the interest rates. Or maybe you’ve missed a payment on your mortgage for the first time. Whatever the reasons for being in this debt crisis, you may be fearful that the only debt help in Scotland that can save you now is sequestration.
In fact, you may think you have more chance of winning the lottery than finding debt help in Scotland that could take away the unbearable stress.
Stop! Sorting out your debt crisis is easier than you think
All debt problems have a solution – it’s just finding the right one to fit your circumstances, and that means getting money advice from people who know about all the different ways of dealing with a debt crisis.
People like us
At Trust Deed Scotland our experienced advisors are specially trained to give money advice and debt help in Scotland regardless of how you got to this point:
1. You can’t pay your bills because living expenses have risen and your wages haven’t
2. You or your spouse has a disability or a long-term illness and your income has dropped
3. Your hours have been reduced or you’ve changed job and had to accept a pay cut
4. Your household income has decreased because you have separated or divorced.
It doesn’t matter how it has happened, you just can’t manage your debt effectively any more and need someone to tell you your options for Scottish debt help.
Debt Management Plans and Trust Deeds – the most popular debt solutions in Scotland
A representative talks to all of your creditors and renegotiates your monthly payments based on what you can afford to pay every month. They can help you arrange full and final settlements and if you’d rather not deal with your creditors direct, you pay them one monthly amount and they distribute it for you.
Is this debt solution for me?
This type of debt help in Scotland suits many people, as you don’t have to negotiate with creditors and you can pay back all of your debt instead of it spiraling out of control.
Unfortunately it can take some time – often five years or more – to pay it all back and because it is not a legally-binding agreement you could still have very persistent creditors chasing you. So if you owed £25,000 and could afford to pay off £250 a month, it could take you at least 8 years to pay it all off, assuming your creditors are willing to be that patient.
What other debt options are there?
Thankfully there is more than one option for debt help in Scotland. Trust Deeds, which are the Scottish equivalent of Individual Voluntary Arrangements (IVAs), are an important step further than a Debt Management Plan - they are formal legally-binding agreements arranged by Insolvency Practitioners (IPs). For a set period of time - usually 48 months - you pay your creditors only what you can afford each month and any remaining unsecured debts after that time are written off. Your IP will ensure that they understand they are legally prevented from contacting you. You make one monthly payment to your IP and they take care of the rest.
However, this particular type of debt help in Scotland is very serious – it is often the last alternative to sequestration - but there’s no doubt it is an extremely effective debt-busting option if you meet the requirements. As long as those creditors totaling 75% or more your debts agree to the Trust Deed, unpleasant creditors hassling you will be a thing of the past and in just three years you’ll be debt-free. But never forget this is a legal agreement - you must not miss payments or your creditors may use the opportunity to attempt to sequester you.
For a happier future free from the pressures of debt, get the right money advice by giving our experienced advisors a call today on 0141 345 2904.