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Debt Expert Scotland

Inorder to alleviate the sufferings of thousands of Scottish residents suffering from mounting debts with limited or no means to pay off the creditors, the Scottish Government has evolved a series of debt solutions. Each solution is tailored to address specific situations. Setting up one of these debt solutions or the qualifying criteria is not alike and someone with specialised knowledge in debt products alone can guide you and help you set up the right debt solution. A debt expert in Scotland is often the primary contact person when you are looking to overcome your debt problems particularly from unsecured debts.

The role of a debt expert
A debt expert will make a complete assessment of your financial situation and suggest a debt solution that best suits your individual circumstances. Depending on the debt solution identified, he may also recommend an insolvency practitioner for you to work with, or identify a trustee to administer a debt solution. Once the basics are determined, there is plenty of paper work to do and a debt expert will help you with this and in some instances, a fee will be charged for the services rendered.

Why do you need a debt expert?
Most debt solutions offered by the Scottish Government seek to consolidate all your unsecured debts into a single basket so that you make a singular monthly payment to pay off all debts. This would obviously mean communicating appropriately with your creditors and intimating them how you propose to pay off their dues. Apart from this, once you set up a debt solution creditors are legally barred from claiming any interest or penal charges from the date of the debt solution. Collecting the monthly payments from debtors and distributing it among the creditors is another part of a debt solution program. There are a number of legal and administrative procedures involved in all these and debt expert has the required knowledge and wherewithals to handle them effectively.

What fee would be charged by a debt expert?
This could vary widely depending on your specific circumstances and the debt expert you choose to work with. But, you should remember that you are seeking to reduce your debt and not increase it. There are many debt help forums like the CAB or Citizens Advice Bureau who can provide the required assistance without charging any fee. However, certain mandatory fee like the cost of setting up a Trust Deed or Debt Arrangement Scheme would still need to be borne by you. Exploring multiple options and positioning yourself as an informed debtor is the best way to ensure that you don’t end up paying large sums of money to a debt expert to get out of your debt situation.

How does a debt expect help me reduce my debt
Most debt solutions offered by the Scottish government legally freezes future interests and costs on your debts. Apart from this, some solutions also mandate writing off unpaid debs at the end of a specific debt solution enabling debtors to make a fresh beginning with their financial life.


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