When you get deeper and deeper into debt, the bills increase and the ability to pay diminishes. It can be a very difficult spiral to get out of, especially if you try and face your problems on your own. It’s so important to remember that help and support is out there for you, and that it’s only a phone call away.
Here at PDS, the people who come to us often tell us that they’re not sure what help is available, or which debt solution programmes could be relevant to their needs. There are several potential answers to their situation, but which of them would be best? Sometimes it’s not even easy to know if you are insolvent or not.
We often see the word insolvency mentioned in news reports on the web and in the newspapers, but do you know what it actually means? Insolvency can relate to both individuals and commercial organisations, and when it’s used in relation to people it basically means the same thing as bankruptcy.
Bankruptcy in Scotland is called sequestration. If you are involved in such a process your finances will be controlled by a third party, known as a trustee. If you are unable to pay your debts and you live in Scotland, this can be a viable alternative to remaining within an increasingly damaging debt spiral.
One of the more pleasing aspects of this option is that your creditors will be less likely to make contact with you, as they go through the trustee instead. This can help to reduce your stress levels over time. If you’d like to hear more, speak to Personal Debt Support soon.