With the economy today it’s no wonder that so many people are struggling to pay off their debts. More and more people finding it difficult to fulfill the obligations that come with their credits. In the past when that happened people lost houses, cars, valuable assets or they even have to declare bankruptcy. Because of that reason the UK government introduced a new mechanism called trust deed that helps people to pay off their debt without losing any assets or proclaiming bankruptcy.
If you are one of the army of Scottish people struggling with payments towards your debts you need to visit www.DebtAdvisoryScotland.com and check if you qualify to take part in the trust deed program. www.DebtAdvisoryScotland.com is the perfect place to start repaying your debt in a way you couldn’t even dream off before. Here is how it works, why use it and are there alternatives to it.
First thing about is that it’s meant for Scotsmen with full time jobs whose debt is over £5.000. If you don’t meet those requirements you cannot take advantage of this government backed program. Sounds bit unreal, but yes, this is a government backed and sponsored project which only goal is to help those in need of help to repay a debt. This is what you get if you sign up for this program:
Your debt will be completely restructured so you can repay it in three to five years.
The moment you sign up for this program your interest rates and charges are cut off. What you owe till the moment you sign up is what you get to pay off and nothing more.
You cannot any asset such as home or house.
Any unaffordable debt will be partially or completely written off.
From than one you don’t get to contact with your creditors. Your trustee is the one that will take care that for you.
As far as downsides there is only one. You won’t be able to apply for a new credit until you pay off your debts in full. However, that doesn’t mean that the next day you are done with your debts you can go and get a new credit. There is a small catch, almost any bank or financial institution will be hesitant to approve you a new credit in the following three years. On the other hand if weigh the pros and cons its more than clear that optioning with a trust deed is an excellent deal.
But, some people don’t like restrictions of any kind. If you are one of those people you can try and ask for refinancing your debt. If you have a steady job it’s very likely that your debt can be refinanced and you will have smaller payment rates. But, unfortunately you won’t be able to harness the benefits of the trust deed program. In case you want to have a better look at the mentioned debt payment solutions you can visit www.DebtAdvisoryScotland.com where all this and more is explained in details.