Overcoming credit card debt in Scotland
Credit card debt in Scotland can be difficult to repay, especially when you are only able to repay the minimum repayment amounts on a monthly basis.
Problem debt can often occur when multiple credit card debts and other debts develop into unmanageable debt.
Every year, thousands of Scots develop unmanageable, unaffordable debt due to their financial circumstances changing, or simply overcommitting.
As problem debt can happen to anyone, it is important to seek help with your credit card debt as soon as you think you can no longer cope. Many people put off seeking help for fear of being judged, or because they may feel ashamed or embarrassed about their debt.
Trust Deed Scotland® have helped over 25,000 people in Scotland and our friendly, experienced advisers have collected over 4,000 five star reviews as a result.
Many of those reviews say that they found our confidential service to be non-judgemental and that they wish they had done something about their debt sooner than they did.
If you are struggling with debt; thankfully there are solutions open to you that can allow you to manage your debt and go on to enjoy life after debt.
If you do something about your debt today, you can stop worrying about it tomorrow.
What solutions help you repay credit card debt in Scotland?
A Protected Trust Deed is a formal debt solution that is available to Scottish residents that allows you to write off unaffordable debt and become debt free in a typical period of 48 months.
The Debt Arrangement Scheme (DAS) allows you to legally freeze interest and charges and reduce creditor contact.
There are other formal alternative solutions available in Scotland such as the Minimal Asset Process route into Sequestration.
By restructuring your credit card debts and other forms of unsecured lending, you will typically reduce your debts to a more affordable level that will give you the opportunity to sort out your finances and get your life back on track.
What are the advantages of using a formal debt solution for credit card debt?
- Additional interest and other fees such as late payment charges are stopped when you enter into a formal debt solution
- Depending on the solution you choose, some of your unaffordable debt can be written off when you finish your term
- Assets are protected when you enter a Trust Deed, or DAS
- Your employment won’t typically be affected
- Monthly debt payments become more affordable
What are the disadvantages of using a formal debt solution for credit card debt?
- Your credit rating will be adversely affected for at least 6 years
- Obtaining credit in the future may then afterwards become more difficult
- If you don’t keep up your payments, your solution could fail
Is a formal Scottish debt solution right for me?
If you would like more information on whether you are eligible to apply for a Trust Deed, DAS or alternative, you can get in touch with the team at Trust Deed Scotland® today.
We have a team of experienced debt advisers who every year help Scottish residents to manage their credit card debts and other unaffordable debts by offering tailored debt advice.
Not everyone with a debt problem requires a formal Scottish debt solution. It is important to make sure that you seek professional advice from an experienced debt adviser and not be drawn into forming your own conclusion based on something that you read on a forum or advert that you clicked on social media for example.
During a call with us, we’ll help you to understand your options. By making sure that our clients get personalised debt advice based on their affordability, lifestyle and needs you can then become better informed on whether you feel that a formal debt solution is right for you.