Hi I have quite a lot of debt outstanding and am wondering what is the best road to go down, I have some debt alone but also joint debt with my ex husband ie mortgage and secured loan, all other debt I have is unsecured like credit cards,overdrafts,bank loans unsecured is roughly £20,000 and secured is about £40,000 Im really stuck and dont know what to do for the best. I have debt collectors coming to my door. I live in Scotland.
You will need to speak with an insolvency practitioner who operates in Scotland and has experience of dealing with Trust Deeds and sequestration.
A Trust Deed is similar to an IVA, but actually has more favourable terms, in that they generally only last for three years and creditors will accept lower monthly payments and lower dividends.
In my own practice I am often suprised at the Trust Deeds we get accepted, from creditors who would not support the same set of figures were the person to live south of the border!
All advice provided will be free of charge and impartial, so I would not delay making your enquiry as it is clear that you need to do something.
If you visit www.iva.com there are bound to be some companies on there who are either from Scotland, or who operate there.
Give one or two a ring and you will receive free and impartial advice about all of the options open to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Dee, welcome to the forum - sorry to read what a worry you have, visits to the door are never pleasant. Remember you do not have to let them in and should not do, no matter how convincing they are.
As the others have suggested speak to some insolvency companies asap so you can get the advice and specific help you need. IPs on here with offices in Scotland come highly recommended as well as those reviewed on the website Jan suggests.
I hope you get things sorted soon,
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Scottish law goes back for hundreds of years, and is based on the old feudal system - some of it even going back to times when it was an entirely separately governed country. My staff who work in Scotland often quote terms which are completely alien to us southerners, but each to their own skills and knowledge at the end of the day.
