If you live in Aberdeen you may question which debt solution is best for you. There are several options available to consider. If you need debt advice in Aberdeen you can speak to Debt Support Trust on 0800 085 0226. It’s important to get debt advice which is specific to your situation. People living in England, Wales and Northern Ireland are applicable for different debt solutions to people living in Scotland. That’s why when you speak to our money advisors you will receive specific debt advice for people living in Aberdeen.
You can take the Debt Support Trust debt analyser, which takes 10 minutes, to understand which debt solutions you are suitable for. You could be applicable for a debt arrangement scheme, Trust Deed or bankruptcy.
Debt Advice for People in Aberdeen
There are plenty of debt solutions for people living in Scotland and looking to resolve their money worries. The best debt solution depends on your income and expenditure as well as what assets you have. Each debt solution has it’s positives and negatives for people in Aberdeen.
We complete a 15 minute questionnaire online which covers your income, including benefits and salary. We look at your expenditure too. This includes your rent or mortgage, gas, electricity and other regular monthly costs. We move onto your assets, like a house or car. We do this so we can understand if there’s any equity. Some debt solutions consider your equity and whether there’s money that can be released.
After understanding your typical monthly situation we review your debts. We consider how much debt you have to your unsecured debts, rough estimates is enough, and how much you have to pay contractually to each debt. Most people will be struggling to pay their monthly contractual obligations and may even be using credit to make their payments.
Debt Solutions in Aberdeen
There are a number of Scottish debt solutions available to people living in Aberdeen. We can help you find the best route out of debt for you. We help people across Scotland and provide help to people in Inverness, Edinburgh, Dumfries and Glasgow with debt advice.
Our advice is tailored to people living across Scotland. You could consider one of the following debt options:
Token Payments: If you’re unemployed or have a low income and are unable to meet your contractual obligations you could offer your creditors a small payment each week of at least £1 to keep the creditor at bay, until your situation improves. The creditor does not have to accept this proposal but may be happy to accept your offer. In return they could also freeze interest and charges.
Debt Arrangement Scheme: You may have heard of a debt management plan, however in Scotland the equivalent is the Debt Arrangement Scheme (DAS). This solution allows you to repay all of the debt, but over a longer than agreed period of time. The interest and charges on your debt will be frozen.
Trust Deed: A Scottish Trust Deed is a route to repay what you can afford to your debt, usually over 4 years. What you can’t afford to repay is written off at the end of the solution. You pay what you can reasonably afford each month.
Bankruptcy: You can enter yourself into bankruptcy via a LILA or Certificate of Sequestration. Both last for 1 year and if your bankruptcy practitioner believes you can afford to repay anything to your debt then you would make payments for 3 years.
Always remember that any debt solution will affect your credit score. When you don’t maintain a credit agreement your creditor can leave a default on your credit file. This means getting credit in the future can be difficult.
Get Debt Help in Aberdeen
You can get debt help from our Scottish debt advice centre on 0800 085 0226. Alternatively, complete our charity debt analyser from Debt Support Trust below to understand which solutions you could be suitable for.