Why You Need Professional Debt Management In Scotland | Money ...

Debt management simply refers to the process through which you can negotiate with your creditors for a more manageable way of repaying your debts. It involves reducing or doing away with interest charges on your debt, asking for an extension of the repayment period, and allowing you to make one simple and affordable payment each month.

A professional debt management company in Scotland can be of great assistance in consolidating your credit commitment into single monthly repayments that may be more manageable. You will, however, need to demonstrate that your financial difficulties are genuine and that you can make the monthly repayments as stipulated in the agreement.

There are many Scottish citizens who can greatly benefit from debt management services. In fact according to recent debt statistics, the worst personal finance cities in the UK included Glenrothes, Kirkcaldy, and Livingston which are all in Scotland. This should by no means be taken to imply that debt is peculiar to Scotland. No, it is a worldwide phenomenon especially in the current economic hardships. Fortunately for Scotland citizens there are several solutions to debt repayment problems. Some of the available options include the following:

Debt Management Plan

This is basically an informal plan in which you, as the debtor, agree to repay the amount you owe over an extended period of time. The extension is usually longer than the originally agreed repayment term. Debt management is quite popular today with estimated half a million UK citizens using it to process their loans and debts.

Scotland?s Protected Trust Deed

This is among the best options in debt management Scotland provides for her citizens. It is a legally binding agreement in which you agree to repay a percentage of what you owe in monthly installments over an agreed period of time that is most convenient to you. The protected trust deed is recognized under the Scottish Bankruptcy Act and is normally administered by an Insolvency Practitioner. It helps you manage your debt issues without facing the unsettling prospect of being ?sequestered?, which is another name for bankruptcy in Scotland. The trust deed further prohibits the creditor from taking your assets or making any payments demands directly to you. You are however obligated to complete the debt repayment as stipulated in the agreement or face bankruptcy.

Protected Scottish trust deeds nevertheless have several advantages including the following:

? Your assets can not be touched by the creditors as they are well protected by the deed.

? A trustee will be assigned to handle your debt issues taking away your debt nightmares.

? A PTD is more flexible and affordable compared to bankruptcy.

? You do not lose the right to hold a public office with a PTD as you would when sequestered.

? Your financial situation is not published under this type of deed as it usually happens with bankruptcy.

You will be required to consult a qualified trust deed practitioner to verify if you qualify for a protected trust deed debt management help. Normally, you will need to have unsecured debts of up to ?10,000 and a disposable monthly income of ?100 among other conditions.

Source: http://www.moneyadvicegroup.co.uk/news/why-you-need-professional-debt-management-in-scotland/2499

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