The looming presence of debt can be a constant worry and the source of much unwanted stress. With so many websites, businesses and law firms claiming to have the solutions to your debt problems, it can be a confusing and daunting subject. However, we at Debt Advisory Services (Scotland) Limited are here to offer free impartial advice and help you find the best solution. Here are a few basic solutions explained.
Perhaps one of the most spoken talking points in the media, many advertise this attractive alternative, but what is it? At its core, a consolidation loan is a process in which you gather all your debt into one loan, thus simplifying your payments; commonly into monthly instalments. This can bring some much-needed stress relief, as smaller monthly payments can be more manageable and silence the demands of current creditors. Overall, this is a common and simple way to gather all your debts into one payment, rather than being held accountable by multiple creditors.
The phrase itself is unique to Scotland and refers to formal declaration of bankruptcy. The act involves transferring assets and property to a Trustee (someone you trust and have asked to act on your behalf) who then takes on the duty of selling your assets and property to the benefit of your creditors. Namely, they pay back the debt; giving you relief from the pressures of the creditors and giving you time to deal with your affairs without any immediate worry. This is viewed as a drastic measure by some, but it can prove to be a decisive way to deal with creditors and mounting stress.
Low Income/Low Assets (LILA)
This is a special consideration that allows anyone earning the national minimum wage and who has no assets valued at £1000 or more to declare bankruptcy. This enables people who have only minimum income to benefit from appointing a trustee, thereby helping to sort their debts and attain some relief from current creditors.
We’re HereTo Help
The Debt Advisory (Scotland) Limited is first and foremost here to help you, offering impartial and practical advice to those in debt, and there is no pressure for you to act on any of the solutions we give. For a personally tailored array of debt solutions in Scotland, our website can present you with the best options available. We strive for you to feel in control of your debt and make sure it doesn’t control you.
For impartial advice and debt solutions, please don’t hesitate to contact us today by giving us a call on 0800 011 2322 and a member of our friendly team will be happy to help.