This year take control of problem debt
At times debt can be overwhelming. I’ve spoken with several clients who, through no fault of their own, just can’t seem to get on top of their debts.
They are working two or sometimes three jobs, as many hours as they can to try to support their families, who have been impacted because of Covid 19 perhaps causing a well-paying job to be lost, meaning that 2 jobs may have to provide the same wage. Or perhaps caused by an unexpected change in circumstances like expecting a baby, a marriage breakdown or separation, long-term illness, or a death in the family. Or perhaps their partner has lost their job leaving them to be the main breadwinner.
In the short term, you may be able to sustain working every hour in the day, but it’s simply not sustainable long term, without starting to impact your physical and mental health.
In Scotland, we are lucky to have some excellent solutions to help deal with problem debt.
A Moratorium – can be put in place to stop creditors from taking action for six months under current emergency Covid-19 legislation.
The Debt Arrangement Scheme (DAS) - allows you to repay your debts over several years, freezing interest and charges and protecting assets.
A Trust Deed – an agreement between you and your creditors to pay back an affordable amount, usually over four years. There is an element of debt relief. Assets may be at risk.
Bankruptcy (Sequestration) – involves transferring your assets into the care of a Trustee; appointed to pay off your creditors as far as this is possible. If able, you would expect to make a contribution for four years.
Whatever your circumstances we are happy to have a chat.
So, this year why not take control and get those debts out of the way once and for all? You can then get on with enjoying your life without the worry of problem debt.
TC Debt Solutions, part of Thomson Cooper, offer free, confidential, non-judgemental debt advice. If you are struggling with problem debt, please contact us, don’t suffer alone and in silence.
Ian H Brown - Senior Insolvency Manager, Thomson Cooper
Tel. 01383 628800
Mob. 07519 124657
e-mail ibrown@thomsoncooper.com
About the author
Ian Brown
Ian is an expert in the Debt Arrangement Scheme and Business Debt Arrangement Scheme, assisting individuals, sole traders and partnerships.
He also advises on personal debt solutions recommending the best option to resolve problem debt issues.