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Debt Management Scotland
Not a lot of people are able to handle their finances properly. Sometimes, even if you are a good money manager, one false move will have a domino effect which will harm your financial situation. If you find yourself in a tight financial bind with more credit than you can afford to repay, the good news is that there are several solutions that you can look into. With the development of the internet, it now makes no difference at all whereabouts in the UK you live. The major debt help organisations cover the whole country via their websites and applying for help is a simple online process. The only differences for people in Scotland are in some of the detail around the options for very serious debt situations.
If you live in Scotland, some of the solutions that you can consider to get out of debt include debt management, trust deeds and debt consolidation loans. Trust deeds are the only solution which is exclusive to Scotland, and this is just the equivalent of the IVA, which is available in the rest of the UK but not Scotland. With debt consolidation loans, you will basically be applying for another loan whose proceeds will be used to pay off your existing debts. Although you may be left with just one debt to deal with, there are still instances when applying for a debt consolidation loan is not the best solution all the way round. So what about trust deeds and debt management plans? Read on to find out more about the viability of these two solutions.
Debt Management Scotland – What Are Trust Deeds?
Depending on how grave a financial situation it is that you are facing, there is a particularly suitable solution that may be best for you. If you apply for advice to a debt management specialist who covers the whole of the UK, they will take an overall look at your financial picture and see what the best solution is for your debts. If your circumstances are so serious that a debt management plan would not work, your advisor may suggest an Individual Voluntary Arrangement if you live in England, Wales or Northern Ireland, but if you live in Scotland, they would offer to set up a trust deed.
Also known as a protected trust deed, this is available only for citizens of Scotland. A trust deeds is a legally binding, voluntary financial instrument. Similar to IVAs for citizens in the UK, trust deeds are suitable for those who are one step closer to filing for bankruptcy. Remember that you need to exhaust all the options first before considering filing for bankruptcy because it will stick on your financial records for seven to ten years – and trust deeds are a better alternative for that.
The Advantages Of Trust Deeds
Now, what are the advantages of using trust deeds as a means to get out of the financial bind that you are in?
- The details of the trust deeds will not be published, unlike in bankruptcy cases whose information is available for all the world to see.
- As compared to bankruptcy, trust deeds are a cheaper and better option.
- Through trust deeds, you can pay off your existing debts with an affordable payment plan, which will be based on what you can actually afford.
- Typically, when you have made the trust deed payments for the full term (normally three years), at the end of the agreed period your remaining debts are written off.
- Trust deeds will prevent you from getting harangued by phone calls from creditors or collections agencies representatives as they are no longer permitted to pursue you for the debts.
Differences Between Trust Deeds And Debt Management Plans
When you talk about debt management in Scotland, trust deeds are often referred to as very attractive options because they involve writing off part of your debts. However, debt management plans are also available and may be the better option. You will not be eligible for a trust deed unless your finances are in a very serious state. As mentioned earlier, debt management plans are offered by financial providers who will negotiate a lower payment and interest rate for you so that you only have one monthly loan to pay.
When looking for providers of debt management plans in Scotland, you can actually go for the ones operating in the UK as long as they have a nationwide operation. Go online and look for debt management plan providers who also offer service for Scotland residents – then fill out their online form and click on Submit. If it is found out that the most viable solution for you is to file for the IVA equivalent in Scotland, then you might have to sign up for trust deeds. This is actually a better solution all the way round, as indicated in the benefits of trust deeds provided earlier.
UK residents can apply for debt help now using the online form at the bottom of this page. Alternatively, view the list of recommended debt management companies for Scotland.
Apply For UK Debt Help Now By Completing This Online Form
You can apply for a debt management plan, IVA, Trust Deed or consolidation loan through our approved debt advisor, 123 Debt Solutions. You will be contacted by An advisor to go through your situation.
Only Submit This Form If You Are A UK Resident
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