Scotland Debt Support Statistics Suprise As People Lose Homes Over Debt

New research released confirms Scots householders are still use credit to pay for their mortgage or rent and other people are having to move in with friends or family to ease their debt woes.

Over the last 12 months around 207,500 people have turned to credit and debt cards to pay their mortgage or rent due to the current economic downturn.

Alternatively, it’s been uncovered thousands of people are struggling with their finances to a point where they have to move in with friends or family as an alternative to taking out further credit. Almost double the number of Scottish debtors are having to share with friends or family because of debt problems, compared to the rest of the UK.

In Scotland an estimated 373,500 people have had to take on another job or take on a second job, which is a 2% increase on the rest of the UK.

The survey conducted by You Gov said:

“A reliance on high interest options such as credit to pay rent or a mortgage is a highly dangerous route to go down and is known to contribute toward uncontrolled debt, repossession or eviction and, eventually, homelessness.

“It is also very worrying that thousands of people in Scotland are being forced to move in with family or friends and that many more are having to take on extra hours and/or a second job just to make ends meet.

“As we brace ourselves for the full impact of savage cuts to jobs and housing benefits, we are very concerned that more people are going to face even greater debt and the threat of homelessness.

“For anyone who feels overwhelmed by their financial struggle it is crucial they face up to the facts and get advice sooner rather than later.”

There are a number of different solutions to debt however it requires people in debt to contact debt solution providers who are local. Click for free Money advice and support

Solutions to debt

Debt help is specific to each person’s financial and personal situation. The solutions to debt include a debt management plan, Protected Trust Deed or Sequestration.

A debt management plan is an informal arrangement with creditors whereby you agree to make monthly payments. The plan can be stopped at any time by either party and offers maximum flexibility with some security.

A Protected Trust Deed is an affordable formal agreement whereby you enter the trust deed usually for 36 months (this can be longer or shorter depending on your return to creditors) and you will repay a percentage of the money you borrowed. The rest of your debt will be written off – as long as you make constant repayments for 36 months.

Sequestration is the Scottish equivalent to Bankruptcy – it is the most severe on your credit rating but in some instances the only option is to sequestrate yourself. After the 1 or 3 year period (depending on circumstances) you will be debt free, although it will impact on your credit rating.

In England, Wales and Northern Ireland you can enter an IVA which is the equivalent to the Scottish Protected Trust Deed. This is a 5 year solution and allows you to make an affordable repayment to your debts and enables you to write off the rest of the money borrowed. Your credit rating will most likely be affected as a result of this solution.

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