When you contact a so called Scottish debt expert, there’s always an apprehension. You wouldn’t know what to expect. But one thing’s for sure, they should assess your current financial situation before they could suggest any solution!

In order to provide you with a solution, they will be giving you options or recommendations. Some of these are:

1. Debt Restructuring

In debt restructuring, you will ask for an extension in your loan terms. This is feasible so long as all debt or loans will be paid upon retirement. This however needs a lot of reconsideration since you will be paying a lot more interests.

2. Debt Management Planning

Here, the debt expert or advisor will be sending a statement of your monthly income and expenditures to all the companies that you owe money from. They will provide with the breakdown and how much of your money left you can pay to each creditor monthly. The debt expert will then ask each creditor to stop further charges or interests on the money you owed. It is now the discretion of the company to give you credit for this or not.

3.Bankruptcy report

Circumstances may be so bad that you are recommended to file for bankruptcy. This is normally recommended when you don’t have the ability to pay anymore. It can last for 12 months to 5 years depending on your financial status.

There are other options you can choose from. So before you make up your mind, it would be best to seek an advise from a debt expert. They can help and assist you.