Help with Debt

Help with Debt – Trust Deed Wizard, Debt Advisory Scotland

Rising personal debt has been nagging several Scottish residents for several years now. Every single day some 40 individuals across Scotland are applying for sequestration or insolvency. Cost of living has been rising steadily ever since the economic downturn of 2008 with no corresponding increases in income. In some situations, income has in fact been dwindling adding to the woes of Scots. For many individuals managing personal finances has become nightmarish and using up available credit the only means of keeping afloat. Credit is never unlimited and continuous default only brings the creditors knocking at your doors. Consequently your credit scores pitch below the threshold level making it difficult to obtain fresh credit.  This leads to a situation where all credit streams dry up and you have nowhere to go except seeking debt solutions like LILA or sequestration.

You Can Gain Control Over Your Debts

Thankfully, the Scottish government has evolved a series of debt solutions to pull you out of the debt trap and help you turn a new leaf in your financial history. Each of these solutions has its own qualifying criteria as well as legal complexities. Often times, it is difficult to comprehend these provisions without expert guidance and help.  The Debt Advisory Center and Trust Deed Wizard are among excellent examples of helpful resources for you to understand each of the debt solution in greater detail and identify the solution that best answers your personal circumstances.  Remember that you will also need to ensure using the right tax code while applying for any of the debt solutions.

Debt Segregation

The debt solutions offered by the Scottish Government focus on your unsecured debts or non priority debts. Therefore, the mortgage payments, utility payments, rent and expenses that are essential will not figure under the debt solutions.  As for the unsecured debts, you can pool in all your unsecured debts into one basket for the purpose of a debt solution. Debt segregation is followed by a ‘statement of affairs’ that you will prepare and present to an experienced debt expert for counsel. It is important that the ‘statement of affairs’ is a true representation of all your debts with each lender. Contact information of each creditor should also be included in this statement.

Keep Your Creditors Informed

Communication is an essential and important ingredient of debt management. Even when you have identified a debt solution, keeping the creditors informed, including the secured creditors is useful measure to prevent agonizing recovery actions.

Being an Informed Debtor

The digital world brings you a wide array of helpful information concerning the plight of debtors like you and the solutions offered by the Government. Finding quality time to engage in focused research is the best way to understand each of these solutions in greater detail. This way, you can present yourself before the debt expert as an informed debtor.  This exercise for instance will  tell you how a part of your debt can be written off and how your creditors will be legally prevented from adding any further interest or penal charges to your account once you set up one of the debt solutions.