Scottish Debt Advice

Advice On Debt For Scottish Residents

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Debt Negotiation Guide:

Stage One
Contact Creditors

Stage Two
Prioritise Creditors

Stage Three
Financial Statement

Stage Four
Make Offers

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Scottish Debt Advice

See Also The Following Related Pages:

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Read More About Protected Trust Deeds

Scottish Debt - Advice On The Options

Many Scottish people are currently suffering financial hardship along with other people throughout the UK. It is always easy to slip into debt, but the current economic climate makes it more likely than ever for many more people. This website offers free debt advice and this page is about the specific options available for dealing with Scottish debt problems.

Scottish Debt Advice - Think Before You Borrow More

Many Scottish people in debt think first of using a debt consolidation loan to deal with debt problems, often because it is the most familiar approach to paying off debts. The problem is that you are not actually getting rid of your debts, just transferring them somewhere else. There are benefits to be had in simplifying your payments so that you only have one debt to worry about, but this simplification is not worth having if the cost is that you end up worse off.

There is a real danger that you can end up worse off when you take out a consolidation loan, unless you take the time to work out whether you will be better off or not. Loan companies will focus on the fact that your monthly payment will be lower, but you must consider how long the loan will go on for. In some cases the new consolidation loan goes on for years longer than the original debts would have, so you may pay a bit less each month, but you will have paid substantially more by the time the loan is repaid.

So before committing to taking on more debt, weigh up what your current debts would cost you if you carried on paying them off, then work out what the new loan will cost you by the time you have repaid it. If you find that the loan is actually going to cost you more, my advice would be to consider other options to address your debts.

Scottish Debt Advice - Debt Management Plans

One of the most common forms of debt help for Scottish people is the debt management plan. This is also a form of debt consolidation, but it does not involve borrowing any money. There are lots of Scottish debt companies that will be able to advise you on whether a debt management plan is the best option for you and to set one up if it is. However, you do not need to limit yourself to Scottish debt companies as the internet now means that you can take advantage of the full services offered by any UK based debt management company.

All the best debt management companies now offer the ability to apply to them online and get a free assessment of your situation. It really makes no difference whether it is a Scottish debt company or not, provided they are located in the UK. You simply apply online with a few basic details, then they contact you by telephone and email to go through your situation in a bit more detail. They will then come up with proposals or options for your best course of action and it is up to you whether to proceed or not.

Scottish Debt Advice - How Debt Management Works

When a debt management plan is set up, negotiators will work with all of your creditors to come to new arrangements for paying back your debts. This will involve reducing the amount of interest you pay and frequently means reducing or eliminating extra penalties and charges for late payment. This results in the amounts you have to pay each month being reduced, making it more possible for you to repay your debts in full at a rate you can manage.

The end result is that you have one affordable monthly payment that you make to the debt company. It is then their job to pass this on the various creditors in accordance with the new agreement. This means that the creditors all have to go through the debt management company, so you are no longer bothered by them chasing you for money.

To be eligible for a Scottish debt management plan you will need to have a considerable amount of unsecured debts to a few different creditors. Secured debts such as mortgages cannot be included, and if you only had one huge debt to one creditor, that would not work either. The amount of debt you need will vary with each debt company, but the minimum tends to vary from about £1,000 to £5,000.

Scottish Debt Advice - Finding The Best Companies To Help You

It is best to apply to a few companies and compare what they offer before accepting any proposal. You can find some of the more reputable debt management companies that deal with Scottish debt problems on the main Debt Management page of this website.

Scottish Debt Advice - Trust Deeds

A debt management plan may not be possible for a particularly serious Scottish debt problem, but there is an alternative that is specifically designed for this situation, called a Trust Deed. This is the equivalent of an IVA or individual voluntary arrangement, which is used throughout the rest of the UK. What it does is set up a formal and legally binding agreement which allows you to make affordable payments towards your debts for an agreed period, and after this your outstanding debts are written off.

Trust deeds are really designed as an alternative to bankruptcy (sequestration for Scottish people). There are clear consequences of bankruptcy which can be serious and lasting, such as losing your home. With a trust deed you ought not to lose your home, though any equity value may need to be taken into consideration with view to being released.

Advantages of Scottish trust deeds are the same as with IVAs. Unwilling or uncooperative creditors can be made to participate even if they do not want to, provided you have the agreement of at least two thirds of creditors for the total debt. Trust deeds normally only last for three years (two years less than an IVA), so you pay what you can for a relatively short period and you know exactly when you will be debt free again.

You can find out more about this form of Scottish debt help on the main Protected Trust Deed page of this site, including a recommended Trust Deed Provider.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.