Finding the right Money Advice in Scotland
Being in debt is stressful, no doubt about it. But it’s even more stressful not knowing who to turn to for the right money advice. You know you have debts, your debts are becoming a problem as you cannot afford to repay them. Letters are coming through your door on a daily basis and creditors are starting to call at all hours of the day. You probably feel like unplugging the phone, nailing the letter box shut and hiding away. You don’t know what to do and you just want some help. If you had the right money advice you would not be feeling like this as you would know what your options were.
Seeking out the right Money Advice
Many of us assume money advice comes at a price. You may be thinking if I pick up the phone and ask for help how much is it going to cost me? Scottishtrustdeed.co.uk does not charge for giving money advice. We offer free advice service where you can talk to someone in confidence about your situation. Our team of money advisors is ready to listen to your situation and help you work out the best solution to get out of debt effectively. We will also recommend the right company to help you and give you contact details for them.
Money advice on debt solutions
Many of us do not know it but there are many debt solutions available to consumers. Scottishtrustdeed.co.uk are not only specialists in Trust Deeds, but also provide money advice on all the best solutions available to help you get out of debt. If you are feeling stressed and worried about your finances we are here to help.
Here is an overview of the most common debt solutions;
Quick and simple to setup, a Debt Management Plan can reduce hassle from your creditors and get you one lower affordable monthly repayment. It is good as a temporary measure to relief the stress of paying your debts, i.e. if you lost your job or your income was reduced.
More on Debt Management Plans >>
Individual Voluntary Arrangement (IVA)
An IVA is form of insolvency and is a formal agreement between you and your creditors to repay what you can afford towards your debts over a period of 60 months (5 years). After the period has expired any remaining debt left over is written off. You have to owe over £15,000 to qualify.
More on IVAs>>
Scottish Trust Deeds (Scotland Only)
A Scottish Trust Deed is basically the Scottish equivalent of an IVA. The timescales for a Trust Deed are only 48 months, meaning you can be free from the pressures of debt in 4 years as apposed to 5 years. Also the total debt criteria is less, where you only have to owe £10,000 unlike the Iva which is £15,000.
More on Scottish Trust Deeds >>
Debt Relief Orders
Debt Relief Orders were introduced in April 2009 to help a smaller circle of people who cannot afford to repay their debts. DRO’s are aimed at people who are really struggling with their finances. To qualify you must owe a maximum of £15,000, have no assets worth more than £300 and have a disposable income of no greater than £50.
More on Debt Relief Orders >>
Full and Final Settlements
Full and final settlements are a way of settling your debts with your creditors in full. Depending on your circumstances you can save up to 80% on your debts, meaning you can repay as little as 20% as what you owe. You must have the funds available to do this in the form of savings or in equity.
More on Full and Final Settlements>>
Knowing your getting the right money advice
When looking for money advice it can be hard to know who to talk to, with so many debt companies out there, its difficult to know which one will give you the best money advice. The Scottishtrustdeed.co.uk website is run by Simple Financial Solutions Limited who is licensed by the Office of Fair Trading (License No. 629140 ) and regulated by the Ministry of Justice (Regulation No. CRM 21217). WE are set down to strict guidelines by the Office of Fair trading so you know you will be receiving the best advice possible.
For free money advice or just to have a chat to some about your debts give us a call free on 0800 193 1024 or contact us here.
Trust Deed Example
Example Unsecured Debts
|2||Credit card 1||£6,812|
|3||Credit card 2||£4,092|
|4||Credit card 3||£5,399|
|4||Credit card 4||£5,200|
Your Monthly Repayments Would Be
a Scottish Trust Deed £748
(total contractual repayments)
a Scottish Trust Deed £295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances. For more information on our fees click here