If you live in Glasgow and are struggling with money worries then speak to a debt advice charity on 0800 085 0226 about getting debt free. There is Glasgow debt advice which can provide local debt solutions which help you resolve the debts with a plan to help freeze interest and charges, then get back to a debt free life.
You can speak to Debt Support Trust about your debts today. Debt Support Trust is based in Scotland so you can get face to face advice or telephone advice from our helpful money advisors.
Alternatively, why not take the debt test today and get an online debt test.
Glasgow Debt Help
There is debt help available to people living in Glasgow from debt advice agencies, like Debt Support Trust. We give people all of their options to resolve money worries. It’s our responsibility to ensure you have every piece of advice so you can make a decision on how you wish to resolve your debts.
When you’re ready to deal with your debts you want somebody who will listen to your situation and understand that helping you become debt free is the most important factor. It’s vital the charity you speak to understands all of the debt solutions which you are applicable for. If you speak to Debt Support Trust our advisors are experienced, friendly and knowledgeable about Scottish debt problems.
You will be asked to provide information about your Income. This includes salary, benefits and pensions you receive on a regular basis. You will also be asked about your expenditure. These questions include, what do you spend money on every month like rent/ mortgage, council tax, gas, electricity and how much are these payments? Thereafter, you will be asked about assets like a house or car to determine if there is any equity. The equity is important so we know what will happen with your assets.
Once we know your financial situation we can then look at the possible debt solutions which are ideal for you.
Debt Solutions in Glasgow
There are a number of debt solutions which people in Glasgow can consider. These debt solutions all have different pros and cons, with all of them impacting on your credit file for 6 years.
Token payments: An arrangement which is informal between you and your creditors. You offer to pay what you can afford each month, usually a minimum payment of £1 per week is required. The payment should be on a pro-rata basis so that the creditor owed the most get the equivalent share of your disposable income back each month.
Debt Arrangement Scheme: In the debt arrangement scheme (DAS) you will repay all of the money you borrowed, but over a longer period of time. The interest and charges will be frozen in the solution so you can repay the debt, usually within a 10 year period.
Trust Deed: A formal debt plan which allows you to pay what you can afford each month for 4 years. After the Trust Deed is finished any outstanding debt – and interest and charges – will be written off.
Bankruptcy/ sequestration: There are various routes to go bankrupt in Scotland but bankruptcy lasts for 1 year. The application fee is £200 for the debtor application, but you could be asked to make contributions towards your bankruptcy for a total of 4 years. If your income is solely benefits based then you won’t be asked to make a contribution, whereas if you are in employment, have assets with equity or have a private pension you could be asked to make a monthly payment.