Scottish individuals in debt resorting to drastic action to pull themselves out of debt misery

Scottish individuals in debt resorting to drastic action to pull themselves out of debt misery

A report by the House of Commons Transport Committee has warned that there is a higher number of stage car accidents' in recent years. Personal injury claims have also gone up significantly in the same period and there are suggestions that the two are related partly to individuals in debt who are using desperate tactics to repay creditors.

There are unconfirmed stories that phantom house insurance claims are on the increase and petty crime including theft is on the increase, with debts being a motive.

For Scottish individuals with debt, there are options open to those in short and long-term financial difficulties such as Trust Deeds, Debt Arrangement Schemes, Debt Management, LILA (Low Income Low Asset) Bankruptcy and Sequestration.

TrustDeedScotland.net, the largest introducer of Scottish Trust Deeds has spoken to thousands of Scottish individuals, many of which are at the worst end of the Scottish debt spectrum.

A spokesman for TrustDeedScotland.net said "We recently spoke to an individual with debt in excess of 15,000 and they had told us about how they stole money from a family member to repay an outstanding balance on a credit card. A fight among the family ensued and the individual was exiled from the family home.

When we spoke to the person, it was apparent that she easily met the criteria of a Trust Deed. The whole situation could have been avoided if she had been made aware of the options open to her. Debt collectors that she had spoken to were not so kind and the strongly worded letters she was receiving from multiple lenders did nothing to help her, in her own mind she had ran out of viable options.

There is a range of debt solutions available, for example Trust Deeds. We are in the process of communicating this message online, in print and on TV as we feel that the Scottish government is not doing enough to communicate this effectively to Scottish individuals with debt. "

If you owe more than 10,000 in unsecured loans and credit cards, a Trust Deed could help you resolve your financial burden. Trust Deeds use government legislation to write off debt that you cannot afford to repay and usually last for 36 months. Any debt left over after the period of the Trust Deed is legally written off. There are pros and cons of using this as an option to repay debt, you are advised to discuss your options with a Money Advisor.

POST COMMENT

Find your debtors and recoup your outstanding payments Are you recovering debts efficiently? Understanding The Different Types of Timeshare to Purchase - Why do People Own a Timeshare? Crippling Debt Needs To Be Addressed Very Quickly Public debt Debt Burdens Are Made Lighter If Court Assistance Is Sought Why purchase an original watch, when you can buy a replica watch? How Financing Will Affect Your Purchase Offer Best Ways of Purchase Uranium Companies Does Debt Solutions Really Work? Timeshare Purchase: The Three Questions Every Potential Timeshare Buyer Must Ask Themselves How Did the Story of American Debt Start? Debt Reduction Process – Elegant Function to Hit Financial Difficulties