How to cope with debt in Scotland, usefull tips and information from Scotlands trust deed

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Just about everyone has to deal with debt problems at some point so if you find yourself struggling to cope with debt in Scotland then don't think you are the only one.

Scotlands Trust Deed have the experience and knowledge to help lots of people who may be struggling with their debts and this article is geared to helping those people wanting advice on how to deal with their debt problems.

Individuals that are in serious debt and need help or advice can get in touch with the experienced debt advisers at Scotlands Trust Deed to find out what options are available.

The first thing that anyone in debt should do is to act promptly and not ignore the problem in the hope that it will simply go away.

How to create a debt action plan
The sooner that someone struggling with debt takes the steps to resolve the situation then the sooner the situation will become easier.

The first thing they must do is to create a debt action plan which will detail all of their debts, both small and large, to give an accurate picture of how bad things really are.

The time spent creating this debt action plan will be time well spent.
From this list, the next step is to create a list of priority debts - this is not just about the largest amount owed but also how much interest you are being charged on each debt.

Work out which debt is costing you the most money and make that the highest priority to resolve.
It may also be worth looking into transferring debt from an expensive interest rate to a lower interest rate.

Debts in Scotland – there is help available
Many people with credit cards, especially those from well-known stores will be paying higher rates of interest. They should switch these credit card debts to lower interest rate credit cards or even take out a personal loan which may be cheaper to repay.

HINT: Be aware of any transfer fees when switching balances between credit cards as some can be very expensive indeed.

When it comes to a debt action plan it is advisable to begin speaking the debtors. If this includes a bank, begin with them because they might be able to help with the repayments.

If the bank won’t help, an alternative solution would be to complete the qualifications form over at, once the form has been submitted an expert advisor will be in touch.

Scotlands Trust Deed advisors can help a debtor to write off their debt. There are several ways of doing this and with a trust deed, which is only available in Scotland, a debtor can repay what they can afford over a longer period.

Any unaffordable debt will then be written off.
Scotlands Trust Deed have the experience to help resolve debts
One issue that will arise is whether an individual has savings or not. With interest rates on savings at record lows, most people will not be earning much money on their savings but will be paying a lot in interest on their debts.

As mentioned earlier, some people could resolve their debt situation with a personal loan. This will make debts more manageable and help spread repayments over a longer period of time.

HINT: Carefully calculate how much interest will be paid over the length of the loan compared with repaying the debts at high interest rates over a shorter period - a personal loan may not be the best way to resolve a debt situation. Finally setting a deadline for repaying the debts and sticking to it is always helpful.

Help and advice for Scots in debt
Individuals that are struggling with debt need to be realistic when setting a deadline and commitment to the repayments is required.

In addition to a trust deed, people with debts in Scotland also have a number of other options to resolve their debt situation and put them on the path to a debt free future.

Contact Scotlands trust deed for more information and help about dealing with debt.
(0141) 297 1178 or visit

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Marc Capaldi
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Aris Pournaras
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