Advice on Debts Scotland
Weighing up whether you have a serious debt problem or you have just a few missed payments can be difficult and by requesting advice on debts, you are doing the right thing.
Some cases of short term financial difficulties can be resolved by speaking to your creditors and creating a self-help debt management plan, however you may feel that you have gone beyond this point and that you require instant professional advice on debts in Scotland.
But how do you know which bills are the most important when all your creditors are demanding money and you simple do not have enough to pay everyone?
The most important way to categorise your debts is as follows:
- - Priority
- - Non Priority
A Priority debt is typically as follows:
- Council tax arrears
- Rent arrears
- Mortgage arrears
- Gas and Electric arrears
- Court fines
- Income tax or VAT arrears
- Child support
- Rent arrears
- Hire Purchase i.e. Car
A typical Non-Priority debt is as follows:
- Credit Card
- Store Cards
- Personal Loan
- Bank Overdrafts
- Student loans
- Borrowed money from friends and family
- Benefits overpayments
- Hire purchase
- Catalogues
- Parking Fines
A Non-Priority debt doesn't mean that it doesn’t need to be repaid or that you will not be legally pursued for what you owe in the event on non-repayment but it helps you to decide which final demand letter is more important, if that makes sense?
It is a good idea to compile a list of all the people that you owe money to and how much you owe to and then seek advice on your debts with a company such as Trust Deed Scotland.
When you have a comprehensive list of all the people that you owe money to you can then sort out which debts are priority, and which debts are not.
If you have calculated your debts and you remain convinced that you have out of control financial difficulties, the good news is that in Scotland there are a number of options that you can use, which can be used without setup fees.
Across Scotland, many thousands of people are struggling with credit card debts, loans and other types of unsecured debts.
In 2012 as many as 10,000 residents may use trust deeds as their preferred route of debt remedy in Scotland and many thousands more could use government legislation such as a debt arrangement scheme to clear their debts.
In order to establish your own best-fit solution, you can speak to a debt advisor today. Just complete the form and we will call you back.
We aim to offer you a tailor-made solution and we do not charge you any fees for our services.