Many of our foreign language members travel far and wide… and the following information can be helpful for anyone who looks forward to doing so. Jason Patrick, who is a participant in our association, has lived in Scotland on and off for a decade. His message is that everyone, in one form or another, is in debt. Being in debt can have both positive and negative impacts on our lives. Used properly and managed well, your debt can lead to more gains. Left alone and mismanaged and before you know it a massive debt has accumulated and creditors are knocking on your door to collect.
The latter can be a very stressful event especially if the money you make can barely cover your living expenses much less paying off the minimum on your debts.
Well, if you’re a resident of Scotland for at least the last 6 months, there’s good news for you. Because, if this happens, you can avail of the Trust Deed in Scotland (find out what is a trust deed here: http://www.creditfix.co.uk/debt-solutions/trust-deed/
What is this?
This is basically an agreement you come into with a company that will assess all of your accumulated debts (credit cards, mortgage, car payments, etc.) and determine how much you can write off based on your monthly disposable income or MDI. Your MDI is based on your basic wages or salary (considered as your gross profit) and then they deduct your essential payments (considered as your liabilities or monthly deductibles) and the net profit from it (or what’s left) is what you’re required to pay through the company you got the Deed from which they will then distribute amongst your creditors by order of priority.
The company you subscribe to will be the one dealing with your creditors so you won’t have to. They’ll be the one to explain your situation to your creditors and ensure that they get paid the amount agreed upon on the Trust you enter in.
And here’s a bonus, the company you get your Trust Deed from is going to write off the debt you won’t be able to pay off in the allotted time. So, in effect, you’re also shaving off some debt in your favor. Once that’s done, you can pick yourself up and concentrate on ensuring that you don’t get into this type of situation again.
Lastly, Trust Deeds in Scotland are pretty much fixed as long as your situation doesn’t change within the period of time you applied for or are currently subscribed to.
This is basically another shot getting a new life so make sure you take advantage of it and work towards changing your situation after you’re done.