Question 1

What solutions help you repay credit card debt in Scotland?

Accepted Answer

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.

Question 2

Is a formal Scottish debt solution right for me?

Accepted Answer

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.

Question 3

What are the advantages of using a formal debt solution for credit card debt?

Accepted Answer

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

Question 4

What are the disadvantages of using a formal debt solution for credit card debt?

Accepted Answer

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

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