Declaring bankruptcy UK is a serious step usually taken by those who feel they no longer have any other alternative. Remember, going bankrupt essentially makes you lose control of your assets, so it’s best to truly explore all other UK debt management options before considering bankruptcy. Whe...
If you are looking for debt advice, there are several ways you can obtain help and information.
The most common ways of finding debt advice Scotland is by searching online or by calling a helpline. Some advisers also offer face-to-face meetings to discuss your financial problems.
These organisations will offer advice and even stand in for you to negotiate with the people you owe money.
The information can come from several sources - government agencies, consumer groups or professional advice firms.
Government agencies, like the Accountant in Bankruptcy, will help with free advice but will not represent you.
Many consumer groups and professional advice firms offer a direct, personal service.
Some are free and others charge a fee. The fees often relate to legal costs and running debt arrangements with your creditors. Always ask an adviser if they charge a fee before entering in to any agreement.
Debt advice - Scotland government
The Scottish government runs two debt services:
- Accountant in Bankruptcy (AiB) runs the personal bankruptcy process in Scotland. This involves monitoring the work of licensed insolvency practitioners and maintaining public records, like the Register of Insolvencies.
The AiB has debt advice information and legal forms online for download. [LINK: http://www.aib.gov.uk]
You can also talk over your financial issues on the telephone by calling 0300 200 2600
- Debt Arrangement Scheme (DAS)
The DAS is not bankruptcy, it is a government-run debt management tool that lets someone in financial difficulty repay what they owe over an extended period.
For more information, visit the DAS web site [LINK: http://www.dasscotland.gov.uk/home] or call 0300 200 2770
When to seek debt advice
The best time to look for help with your finances and debts is when you can see you cannot pay your bills and are unlikely to do so within a reasonable time.
The longer you wait, hoping something will turn up, the worse your financial problems are likely to get.
It’s not easy to ask for help, but talking through your finances with a professional debt adviser will help you construct a picture of the true state of affairs.
The first step is establishing how much you owe. Your debt adviser will go through your finances with you to work out your living costs and how much you pay on unsecured debts, like credit cards, overdrafts and personal loans.
Next, the adviser will help you set a budget that allocates the money you need for your living costs.
Take away your living costs from your money coming in each month to leave your disposable income. That’s the money you need to pay your unsecured debts.
If the debts are larger than your disposable income, you need to consider how to repay them.
Bespoke debt help
Once you have worked out your budget and disposable income, the next step is working out the best debt strategy to suit your personal circumstances.
This can debt advice can be a financial management plan, setting up a trust deed or bankruptcy (sequestration in Scotland).
For a number of years I struggled with my debts, I was constantly worried and stressed to the point it was affecting my health. HJS Recovery deal with all of my creditors and for the first time in years I feel relaxed and in control. Everyone at HJS Recovery have been very helpful, approachable and most important of all very respectful.
Miss W from Edinbugh
I would like to take this opportunity to thank all the staff at HJS Recovery for all of your assistance in helping me to resolve my mounting debts problem. The total understanding and professionalism shown to me was truly marvelous and removed all my fears and stress that I was going to become a Bankrupt. I now have my debts under control with just the manageable one payment per month to my creditors and I now can sleep easy on a night.
Mr P from East Ayrshire
The service supplied by HJS Recovery has helped me get my debts in order which has stopped them from getting out of control. There's always a friendly voice on the phone who helps me if there's any problems. Overall it just let's u live a stress free life.
Mr B from Lanarkshire
HJS Recovery have helped to ease the worry caused by the crippling debt I was left with after my marriage failure. I couldn’t see a way to ever be debt free but HJS provided the solution. Throughout the process they were supportive and non judgmental , which helped to ease the strain and if I am honest the shame I felt. I have had couple of glitches along the way and they have supported and been understanding throughout, helping to find solutions and move forward. I can’t thank HJS enough. I can see the light at the end of the tunnel... thank you!
Ms L from Stirling
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