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Debt Problems

  • Council Tax Arrears

  • One of the most common reasons in Scotland at the moment for people needing free debt help is council tax arrears. Many people in Scotland at the moment are getting large bills for unpaid council tax through the door and if the council is not happy with the amount they are receiving or how quickly they are getting their money paid back they will instruct a Sheriff Officer to collect the debt, this can result in paying large amounts back people cannot afford or they have the power to arrest an individual’s earnings or bank account to retrieve the money as well as assets.

  • Debt Cycle

  • Robbing Peter to pay Paul is a term that has been used for many years when dealing with debt where an individual is simply using credit to pay off other creditors and at some point this will come to an end when the credit is no longer available.

  • Struggling to make payments?

  • Paying the minimum amount on your credit or store cards each month? On average with today’s average interest rate paying the minimum amount each month on a credit card can take up to 34 years to clear off that debt. This is a big sign that something has to be done to prevent the situation getting worse as generally the only way out is taking more credit.

  • Tax Bills

  • Received a large bill from HM Revenue & Customs? This can be for various things such as an individual has received an overpayment in tax credits or a large income tax bill if that individual is self-employed. These types of debts can be very serious as they are usually large bills that people cannot generally afford to pay off in one lump sum and HMRC will use quick and thorough routes to collecting these debts.

  • Loss of Equity

  • Had a shortfall on a property or a car? It is becoming more and more common these days for repossessions to occur for non-payment whether it be on a house which can leave an individual with a shortfall in their mortgage or rent arrears which can be the last thing that person wants to think about when they are trying to find a new home but they will have to address the matter at some point as burying their head in the sand could make things even worse. Car repossessions are more common than ever now with more and more types of car finance available, due to loss of income or various other reasons the car may then become unaffordable so the car will have to go back and generally often a large arrears bill will follow.

  • Stress

  • Feeling too stressed to open a letter through the door or answer the phone to numbers you do not have saved on your phone? This has been one of the oldest signs that when an individual buries their head in the sand things will not get better they will only getting worse and for someone to keep it all to themselves has also been the cause of leading to health problems also.

  • Change in circumstances

  • Recently slip from a long term partner or spouse? A very common cause of an individual in Scotland needing free debt help is the loss of two incomes where there would have been two incomes coming into the home and maybe also some benefits but after a break up and things need to go separate ways. This can leave one with serious debt commitments but only the one income which now also has to cover a new home and bills etc…

    When considering if you or someone you know really needs free debt help it all comes down to once you get paid can you afford to pay all of your debt commitments plus your living expenses, if not you should speak to someone.

    If you or someone you know has been affected by debt problems do not struggle on simply get in touch and remember we do not charge you any fees at all.

  • Guarantor Loans

  • Unfortunately these loans are considered a joint debt so these types of debts have to be maintained so your elected guarantor does not get pursued for the debt, however they do not stop you going ahead with a Trust Deed for all other debts out with a guarantor loan. For more information speak to one of our agents.

  • Summary Warrants

  • A summary warrant is similar in nature to a court order, and allows further actions to be taken against a debtor should the monies not be recovered. It should include the amount due, plus the details of who to contact for payment – generally the Sheriff Officers rather than your creditor. A 10% charge will also have been added to the debt for judicial expenses. This is confirmation that legal action has been granted by court and needs immediate action. Even though it has been at court there is routes available that supersede the legal action the creditors are trying to pursue as long as you act within a certain timescale.

  • Assets

  • A common myth is that going down the route of Insolvency you will lose your assets when the fact is your assets are protected going down certain debt routes where clients are making contributions. Whether it is your house or car, your assets can be protected in these programmes depending on your individual circumstances, you will always be told before you enter any debt programme if your assets will be or will not be protected before making your decision so you are never going in blind.

  • Wage Arrestments

  • An Earnings Arrestment Order (EAO) instructs an employer to deduct money straight from your wages. Your employer then sends the money to the court. The deductions continue until the fine is paid in full. The employer calculates the rates of all deductions using fixed tables as set down by regulations. Once an arrestment is in place this cannot be removed without any legal help. Again there is various programmes that WILL remove the arrestments whether the creditors want to or not and also block arrestment’s going ahead if acted on before being put in place. If you have other creditors you owe money to sometimes you cannot afford to pay them back because of an arrestment, removing arrestment’s will usually free up money to enable you to start paying all your debts in full or just give you the financial freedom to live a better life.

  • Rent Arrears

  • Rent arrears is a really important issue that needs dealt with, ignoring your rent arrears will lead to eviction? There is various debt help programmes that will enable you to payback your rent arrears at your own pace but more importantly block housing associations and councils from evicting you, giving you peace of mind knowing you have a roof over your head.

  • What if I lose my job during a debt help programme?

  • One of our biggest worries is that we don’t know what is round the corner, you can lose your job anytime in this day and age. Depending on the debt programme will depend what safety you will get if you happen to become unemployed while in one of these options. A Trust Deed for example you get payment breaks if you lose your job, for example if you are unemployed for 4 months you will not be expected to make a monthly contribution for that period. However, when you start back at work you will continue from where you left off, this may lead to your Trust Deed being extended at the end of your term for you to make up for the months you could not pay. Your Insolvency Practitioner will tend to work with you to make life as easy and as stress free as possible during any difficult periods.

Do you qualify for a Scottish Trust Deed?

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