When you can not afford to repay your credit card every month, or you are simply making the minumum payment then continuing to spend on your credit card can be one of the hardest situations to resolve for you. At Debt Support Trust we are debt experts and know exactly how to resolve problematic money worries, like credit card debts.
If you fail to make your minimum payment each month you can expect a telephone call daily from the credit card company until the debt is repaid. Unsecured debts, like a credit or store card, can be resolved via a number of Scottish debt solutions. One such debt solution is a Scottish Trust Deed to include all credit card debt.
You can get money advice from Debt Support Trust on 0800 085 0226 or complete our debt analyser below.
Credit Card Debts in Scotland
If you have credit card debts and live in Scotland you can enter a number of debt solutions to resolve your money problems. Credit cards with multiple interest rates can become difficult to pay and hard to manage. In Scotland there are several legal routes the credit card companies can take to recoup their money, however there are routes that Scottish people can take to resolve the problem and avoid creditor action.
Many people may try a balance transfer of debt consolidation to make the payments more affordable each month. For the most part people will be successful in obtaining this credit, however if you are rejected for credit then you can consider a debt solution.
Balance Transfer Credit Card Debts
Most people balance transfer their credit card debt in order to gain the interest free introductory period. Eventually, your credit score may deteriorate because of missed payments meaning obtaining the next balance transfer could be difficult. If you are only ever making the minimum payment towards the credit card debts then you could be considered negatively when applying for your next deal too.
At this stage, interest and charges would be added on if you were successful in your balance transfer. This is usually when people search for consolidation loans, which given the current market condition are difficult to achieve. Often the best decision is to seek a debt solution and resolve the money worries once and for all.
You can complete the debt analyser to confidentially check if you are suitable for a debt solution.
We provide debt and money advice across Scotland, including debt advice in Aberdeen, Glasgow, Edinburgh and Dumfries.
What Does a Trust Deed Do To Credit Card Debt?
A Scottish Trust Deed will enable you to make one monthly payment to all of your debt, typically for 4 years. If accepted by your creditors, the Trust Deed payments will be made consistently and your interest and charges will be frozen. Any debt which is not repaid will be written off at the end of the Trust Deed.
In Scotland, anybody who is suitable for a Trust Deed can include their credit card debt, along with other unsecured debt (overdrafts, store cards, payday loans etc) in their debt solution.
Your Trust Deed will help you manage all of your unsecured debt and help you to make one affordable payment each month. Your credit rating will be affected if you enter a Trust Deed, but this can be explained by our debt advisors on 0800 085 0226.