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 Management Options
• Mortgage and Loans advice
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Debt solutions
In the aftermath of what is generally referred to as the `credit crunch,` many people have been plunged into debt adding to the day to day stress and worrie that people normally deal with.
But what do we mean when we use the words `credit crunch?` It`s become a convenient meaning for various complicated financial maladies that have had a serious impact on individuals 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 options 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 lenders 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 with many specialist companies and organizations like first debt advice helping people to organize their way to a debt-free future and offering the peace of mind it can bring.
For example Scottish trust deeds and bankruptcy are common ways of dealing with individual debt. Bankruptcy has something of a stigma and is legally bound to be publicised. However 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. Furthermore all assets of the person in debt must be relinquished. 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.
A Scottish Trust Deed presents an alternative to bankruptcy. It is only available to people with unsecured debt of usually around £8,000 or more and with a regular income. It must also be approved by at least three quarters of their creditors once proposed by an insolvency practitioner. If offers a better deal for secured creditors, although unsecured creditors often miss out. More importantly it protects the indebted individual once agreed form any more creditor contact or harassment.
Trust Deeds are a very popular alternative to bankruptcy as they do not carry quite the same stigma, and are only published in a creditor subscription paper called the Edinburgh Gazette. During the term of the Trust Deed you are not allowed to apply for new credit, but this restriction is lifted once you receive a final discharge notice from you Insolvency Practitioner. Another key advantage is that you will not necessarily lose your home especially now with many properties having little equity in the current climate and allowing for alternative proposals that may be put in place at outset. Any selling or remortgaging of a property will have to take place with the approval of the administering practitioner during the term of the Scottish Trust Deed.
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. Call today to get the help you need.
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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| Company Registration Number SC367292 Credit consumer Licence Number 0635621 Monday to Thursday: 9.30am - 8pm | Friday:9.30am -5pm |
