Looking for debt help in Scotland? Well, StepChange Scotland has got your back. Just call the StepChange Scotland number and express your debt or financial concerns to the professional debt advisor on the line.
StepChange Scotland is a debt charity that claims to offer free debt advice to its clients after analyzing their debt situation. The debt services provided by Debt help Scotland comply with the Scottish debt law that helps the clients get legally rid of their debts.
The various debt solutions that Debt solution Stepchange Scotland offers are a part of the Debt Arrangement Scheme (government-approved) to help its clients (the debtor) set up a suitable debt repayment plan to manage their debts. When you call the StepChange Scotland contact number, the concerned debt advisor will evaluate your debt and financial situation to identify the proper debt measure.
Later, they will work out a proper budget fit for your situation and offer necessary debt counseling to help you manage your debts efficiently by making affordable repayments and guiding you to control your finances and credits better. If the debt advice and debt solution suggested on the phone is not up to the mark for you, you can also visit them by finding the StepChange Scotland address.
StepChange Scotland has all the services you might require concerning your debt-related matters, debt management to debt repayment, and various debt solutions. You can trust their debt services to handle your finances and debt affairs. Many people in Scotland believe that StepChange Scotland is the best and most reliable source to have their debt affairs sorted faster.
Therefore, if you have unmanageable debts and a disorganized budget plan, you should consider calling StepChange Scotland number: 03338803165. Besides the trustworthy debt and money guidance, they also offer a good number of debt services, including:
- Protected trust deed
- Scottish Debt Arrangement Scheme
- Sequestration Scotland
- Minimal Assets Process (MAP)
Now, let’s briefly discuss each of these debt services offered by StepChange Scotland.
Protected Trust Deed
As StepChange Scotland has legal compliance, the protected trust deed legally binds the parties involved in the agreement. If you get a protected trust deed under SstepChange Scotland, you have a timeframe of about 4 years to repay your debts. When the 4 years come to an end, the creditors will legally write off any of your remaining unsecured debts.
To be applicable for a protected trust deed, the value of your total assets must be less than the whole of the balance of your unsecured debts. Here, unsecured debts commonly include personal loans, store cards, credit cards, etc.
Since a trust deed is a form of insolvency measure, you must not have high-value assets in your possession that could likely pay off all your debts if sold. You cannot apply for a protected trust deed with Stepchange Scotland if you do have one.
If you live outside of Scotland, Northern Ireland, Wales, or England, you can apply for an Individual Voluntary Arrangement (IVA) instead of a protected trust deed. However, you need to understand the various implications of any debt measure before entering into one. Call the StepChange Scotland number to know about different risks, considerations, benefits, and drawbacks associated with a Trust Deed.
Scottish Debt Arrangement Scheme (DAS)
StepChange Scotland offers the Debt Arrangement Scheme (DAS), officially introduced by the Scottish government. In this debt solution, you are allowed to make payments to cover your debts gradually for a long time. It is the most sustainable debt measure that you can get without the risk of legal obligations. You can repay your creditors at your own pace and financial capability.
Benefits of DAS:
- You can affordably make payments to the creditors.
- It allows a flexible debt repayment plan.
- You get protection from creditors’ enforcement actions.
- Debt interest and related charges are frozen.
- You can avoid Sequestration with a debt arrangement scheme.
Drawbacks of DAS:
- You have to make full repayment to the creditors.
- DAS is a very long debt repayment process.
- It negatively affects your credit score.
- You need to have multiple creditors.
A Scottish Sequestration is a sort of bankruptcy itself. If you apply Sequestration with StepChange Scotland, you must repay your creditors by selling your assets to raise money. Simply put, if you have high-value assets, can make regular debt repayments, or have a lesser debts balance, you cannot apply for Sequestration. If so, you should likely look for other fair options fitting your debt circumstances with StepChange Scotland.
Benefits of Sequestration:
- You can pay off your debts faster.
- All your unsecured debts can be forgiven if you donate.
- The creditors cannot contact you in any form in the future.
- The creditors cannot collect the forgiven debts from you.
- Sequestration covers almost most of the unsecured loans.
Drawbacks of Sequestration:
- You have to sell your assets to cover the debts.
- It will have specific impacts on your employment prospects.
- Sequestration stays on your credit profile for 6 years, which could affect your credit prospects.
Minimal Assets Process (MAP)
If you want to obtain Sequestration, you must first apply for the Minimal Assets Process (MAP). Suppose you do not have sufficient money to pay off the debts after covering your usual living expenses, and your only income source is the income-based benefits. You can use the minimal assets process to cover your unsecured obligations faster.
If you live in Northern Ireland, Wales, or England, you can apply for a similar Debt Relief Order (DRO) instead of MAP. Know about the various risks involved through the StepChange Scotland number.
Benefits of MAP:
- A Minimal Assets Process lasts only for about 6 months.
- You have to make any debt repayments due to a lack of minimum disposable income.
- If you meet all the conditions, all your debts will be written off when the period ends.
- You are protected from the creditors’ pressure.
Drawbacks of MAP:
- Your credit access will be restricted.
- It would affect your job opportunities.
- Your tenancy agreement will be at risk.
- You might receive a Bankruptcy Restriction Order for 15 years if you default on the MAP conditions.
Conclusively, all these debt measures stated above are available only in Scotland. You have to find other alternative options outside of Scotland by consulting with StepChange Scotland.
If you are a resident of Edinburgh, Scotland’s capital city. If you’re seeking for debt repayment options and management tactics, you’ve come to the right place. Then Stepchange Scotland is the correct choice for you because we offer all of the above-mentioned services. To gain complete help and clarity on the topic and service we provide, call Stepchange Scotland phone number shown above. Our objective is to make London and the rest of the United Kingdom debt-free.