When you’re struggling with debt, deciding to ask for help can be a hard enough step to take never mind trying to find a solution that would suit your personal needs. At Your Debt Expert we have a range of debt management and personal insolvency experts waiting to help you through your debt problem as soon as you contact us. Get in touch with yourdebtexpert.com to learn more about debt solutions.
Is there a solution for me?
Yes. Your Debt Expert provides a wide range of debt solutions exclusive to Scottish residents that take in to consideration your personal circumstances and can set you on the path to freedom. When drawing up a proposal for any of our debt solutions our highly qualified insolvency practitioners and debt management experts will assess your income and tailor a plan that’s right for you. Here is a short explanation of some of the debt solutions we offer to our clients that may just be right for you.
Debt Arrangement Schemes
A Debt Arrangement Scheme (DAS) is a programme that allows you an extended period of time, normally up to 10 years, to repay your debts in full with all interest being frozen immediately. This may be an option for you if you have a debt of under £8,000 and feel you are falling behind with repayment dates or feel like the interest you’re building up is stopping you from making a dent in your debt. The DAS will allow you to repay your debts at a comfortable amount you can afford each month without having to deal directly with your creditors.
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A Trust Deed is a form of personal insolvency (bankruptcy) it is an agreement you can enter into with your creditors that will allow you to repay a certain percentage of your debt over a set period of time, normally 3-5 years. If enough your creditors agree to the proposed Trust Deed it will become a Protected Trust Deed and is legally binding, at the end of which all remaining debt will be written off and none of your creditors will be able to chase you for any of your debt. Any monthly repayments you will make while in a Trust Deed will be calculated based on what you can afford.
Sequestration is the Scottish equivalent of Bankruptcy and is a legal way of saying that you are no longer able to repay your debt. If you enter into sequestration all of your debts can be written off however any assets or property you have will transferred over to a personal insolvency practitioner and may have to be sold for the benefit of your creditors.
Although many of the solutions we offer can put you on the path to financial stability and freedom they will affect your credit rating and ability to obtain credit in the future, more severely with Trust Deeds and Sequestration. If you think any of these options could help you to regain control of your finances then contact Your Debt Expert now and one of our experts could help you get through a tough time in your life.