Trust Deed Scotland® has been giving debt advice in Scotland for over a decade and helped over 20,000 people with Government Approved debt relief schemes known as Trust Deeds and DAS with over 3,000 client reviews on Trustpilot. We talk about Life After Debt quite often but what is Life After Debt?
Life After Debt is the light at the end of the tunnel for those with unaffordable debts, it’s like a roadmap that gives them clarity on how long it will take them to get out of debt and how much money that they will be able to save on their debt payments every month until they’ve cleared the debt.
This results in a new, reduced and affordable monthly repayment. For Trust Deeds, this may last a typical duration of 48 months and after that, any unsecured debts left over are written off.
How and why do people find themselves with unaffordable debts?
Some of the common reasons that people in Scotland end up with debt that they can’t afford to repay are broken down into the following categories.
- Relationship Breakdown – Coping with debt after a split
- Reduced Income – Less income, same debt
- Birth of a Baby – Down to single income
- Unexpected Illness or Injury– Unexpected loss of income
- Business Failure – Leftover liabilities including tax
- Overcommitment of Credit – Taken on too much debt
- Additional Financial Support – Providing support to others leaving you short
When you’ve had debt for such a long time, it may start to feel like it’s a part of you and there’s nothing you can do about it. You may feel like this is the life that you’ve created for yourself and it won’t get any better.
In the most severe cases, people may have been harbouring debt for as long as we’ve been helping people out of debt.
Money worries and the burden of living with unaffordable debt can cause a wide range of mental health problems from stress, anxiety and depression.
You may feel ashamed, or embarrassed about having debt because wealth is considered a goal in life, and therefore having debt may make you feel like a failure. The taboo and stigma attached to having debt increase the likelihood that you’ll attempt to deal with the issues yourself and struggle on alone.
But you don’t need to feel like this, you are not alone and Trust Deed Scotland® are here to help you.
If you do something about your debt today, you don’t need to worry about it tomorrow.
When we talk about what Life After Debt really means, it’s the realisation that you’ve been able to reduce your monthly debt repayments and that there is light at the end of the tunnel as our clients often tell us in their own words.
Our debt advice reviews on our Trust Deed Scotland Trustpilot page are an inspirational place to find out what Life After Debt really looks like for our clients from the moment they find the courage to seek help over their unaffordable debts
“My advisor was friendly and non-judgemental.”
“Finally got in touch, and everything was in place within a week.”
“I wish I’d done it earlier.”
“I can sleep at night, now my debts are under control.”
“From the very start, my mind was put at ease.”
Not only do our reviews highlight how people feel after they approach us, but we think that they help us to illustrate that you are not alone if you’re feeling ashamed or embarrassed about debt and that this may help encourage you to seek expert advice.
What does Life After Debt really look like?
Life After Debt will ultimately mean different things, for different people. However, here are some of the advantages that being debt free can bring to you.
➊ You Get to Relax
You don’t have to feel anxious about opening letters or answering your phone.
➋ You Get to Keep More of Your Money
You can save for holidays & other items that you never thought you could afford.
➌ What’s Yours is Yours
When you live debt free, your things are really yours.
➍ You’re Independent
You can live an autonomous lifestyle – a life that reflects what’s really important to you.
➎ You’re Happier
When we imagine Life After Debt, it always seems happier & carefree, and there’s a reason why, because it’s true.
➏ You Get to Say: I’m Debt Free
You set a goal & accomplished it and you get to be proud of that.
Where to get expert Debt Advice in Scotland
As the No.1 rated debt advice company in Scotland, we’re in a position to help you with your debts and advise you on the pros and cons of Trust Deeds, the advantages and disadvantages of the Debt Arrangement Scheme and the benefits and risks of Minimal Asset Process or other alternative debt solutions available in Scotland.
Get started today by giving us a call on 0141 221 0999, or by trying our Trust Deed Wizard® tool.
If you’re looking for more inspiration on what Life After Debt looks like follow the official Trust Deed Scotland® on our social channels: Twitter, Facebook & Instagram or send us a message on Messenger or look for #LifeAfterDebt.