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!

These experts will calculate your income potential, monthly expenditures, and your monthly affordability to pay off your loans. Then they will give you recommendations on how you can pay off your debt. Here are the top 3 options you could choose from:

1. Start restructuring your debt

What you do here is contact your loan providers and ask them if they could give you an increase of your loan terms, thus reducing your monthly payments. This is possible so long as the loan will be paid off before retirement age. Just remember that extending payment terms entails higher interests paid.

2. The plan (Debt Management)

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. Filing a bankruptcy

If your debt are so huge that you are not capable of paying it off, this will be an option your debt advisor will most probably suggest, Or it can be the company you owe to will make you bankrupt. However which way, calculate and recalculate your finances if you can pay off your debt in any way (may it be increase your income or decrease your expenses).

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.