Debt Consolidation Scotland
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Consolidate all of your debt into one manageable payment. Sometimes being able to repay your debts at a lower rate, over a longer time period, is all you need to work your way out of debt.
Debt consolidation loans combine all your existing debts into a single debt consolidation loan, with reasonable repayments, freeing up your income and enabling you to spend more money on the things you really need.
Unlike in a Trust Deed, with a debt consolidation loan you would repay your debts in full and interest would be added to your balance but this is often lower than your existing rates and your repayments would be significantly less.
You can find out more about whether debt consolidation is right for you on our blog or look at other Scottish Debt Solutions such as the Debt Arrangement Scheme.
You can speak to Trust Deed Scotland® for confidential, non-judgemental debt consolidation loan advice in Scotland.
Call us on 0141 221 0999 or try our Trust Deed Wizard® tool to find out what options you’d qualify now.
If you are struggling with unaffordable debt, you can consolidate all your debt without borrowing or without needing credit checks to apply for credit.
You will reduce your debts into one manageable, affordable repayment.
Depending on your circumstances, you will typically become debt free in 48 months, enabling you to rebuild your credit thereafter. Find out more about Protected Trust Deeds.
Yes. It’s a misconception that you need to borrow further funds to consolidate your debts.
Trust Deed Scotland® offer alternative solutions such as Trust Deeds and Debt Arrangement Schemes.
Our advisors will give you the advantages and disadvantages and provide expert advice on how these may affect you.
Yes. Consolidating debts using a solution such as a Trust Deed, or Debt Arrangement Scheme is made possible to homeowners and people who rent privately, or via a local council or housing association.
Debt consolidation loans tend to be available in the form of a secured loan against your property, or sometimes a logbook loan can be secured on a vehicle.
However, if you are a homeowner, you do not only have the option of a secured loan, both Trust Deeds and Debt Arrangement Schemes are possible for homeowners also.
No. A payday loan is a short term measure used to get people through a short term cash flow situation.
Debt consolidation loans tend to be used to clear multiple debts of a higher amount.
Trust Deed Scotland advises against using payday loans in any instance and to firstly seek advice on your situation to look for better solutions.
Likewise guarantor loans should only be considered where the conditions are right, and where both the guarantee and the guarantor know what they’re getting into and have been correctly advised and assessed for affordability.
Yes but be careful as ‘bad credit’ loans typically carry high interest rates. Consider that there may be alternatives that work out better for you, depending on your circumstances.
In Scotland, Protected Trust Deeds and alternative debt solutions such as the Debt Arrangement Scheme can stop creditor contact, freeze interest, charges and potential enforcement action against you.
Call Trust Deed Scotland on 0141 221 0999 for advice now.
When considering debt consolidation in Scotland any all methods, Trust Deeds can be a valuable aid to help you manage unaffordable debts and look forward to a lift after debt.
However, while Trust Deeds are a good idea for some people, they are not right for everybody and there may be more suitable debt management solutions for you other than a debt consolidation loan.
You can find out more about How A Trust Deed Works and other alternatives to debt consolidation loans.
You should call us on 0141 221 0999 for expert, confidential advice.
Our non-judgemental advisors have helped over 25,000 people and that advice includes all other debt management techniques including the Debt Arrangement Scheme.
For extra advice on the availability of debt help in Scotland, you can download our free debt guide.
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Contact an expert money advisor at Trust Deed Scotland® to find out more about the debt solutions available to you.
We are here to help you decide the best course of action to suit your individual needs and support you every step of the way. If you would like a fresh start, get in touch today.