Many people have problems clearing their debts.
Try not to worry, you don't have to deal with it on your own.
Your debts might include credit cards, bank loans, overdrafts, catalogues, council tax, rent or mortgage arrears, etc. It is important that you act now as it is easier to deal with a debt problem at an early stage rather than bury your head in the sand and hope the problems go away.
At First Debt Advice Scotland, our advisors offer free, confidential, impartial advice tailored to your individual situation. However much you owe, we will find a solution that can help you work towards clearing off your debts.
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Debt solutions
In the aftermath of what is generally referred to as the `credit crunch,` lots of people have been plunged into debt.
But what do we mean when we use the words `credit crunch?` It`s become a convenient shorthand for various complicated financial maladies that have had a serious impact on people and businesses for the past few years, including the global banking crisis, decline in the housing market, recession and importantly, an increased difficulty in obtaining credit and loans compared to the relatively free and easy of the years leading up to the situation.
Aside from the relative difficulty in obtaining credit, there is the matter of higher interest rates from banks to contend with. Whilst this may be great news for people who have savings, for those with mortgages and loans, the news isn`t so good.
Small businesses have suffered more than most, as people have been less eager to spend. With loans harder to come by, interest up, many companies have been forced to shut up shop, make redundancies and hope for the best.
As lonely and hopeless as debt can seem, it doesn`t necessarily have to be that way. There are many ways to manage debt and may companies and organisations in which specialise in helping people make their way to a debt-free future and the peace of mind it can bring.
Bankruptcy and individual voluntary agreements (IVAs) are common ways of dealing with debt. Bankruptcy has something of a stigma and is legally bound to be publicised. It will free an individual from unmanageable debts, but is subject to restrictions, such as not being able to get credit of more than
£250 without permission of a lender. All the assets of the person in debt are relinquished, too. There are a number of other restrictions, such as not being able to sit on the board of a company or serve as a justice of the peace. Newcomers to bankruptcy may have these restrictions placed upon them for just one year, although if a person has been declared bankrupt before these restrictions will be a lot longer.
IVAs present an alternative to bankruptcy. It is only available to people with a debt of usually around £15,000 and with a regular income. It must also be approved by at least three quarters of the creditors. If offers a better deal for secured creditors, although unsecured creditors often miss out.
It is a popular alternative to bankruptcy as it does not carry quite the same stigma, or does not need to be published. It might not necessarily prevent you from getting credit, although an application for it will.
Another key advantage is that you will not necessarily lose your home and any selling or remortaging will have to take place with the approval of the person carrying out the IVA.
These are just some of the options available to people who have debt. If you have achieved an unsustainable level of debt, through credit cards, loans or otherwise, then a debt-free future may be easier to achieve than you first think.
We offer debt help, debt advice and debt solutions throughout the whole of Scotland covering all areas of Glasgow through to Hamilton, Motherwell, Coatbridge, Irvine and Ayrshire. We are also available in Aberdeen, Dundee, Falkirk and Stirling. First Debt Advice Scotland have meeting sites throughout Scotland, or can arrange a home visit.
Just pick up the phone Text you Name to 07786 522 831 call our helpline on
0141 447 0290 or fill in our Enquiry Form and make the first step towards freeing yourself from debt.
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