subject: Staged Car Accidents Linked To Scottish Financial Problems [print this page] A report by the House of Commons Transport Committee has warned that there is a higher number of 'stage car accidents' in recent years. Personal injury claims have also gone up significantly in the same period and there are suggestions that the two are related partly to individuals in debt who are using desperate tactics to repay creditors.
There are unconfirmed stories that phantom house insurance claims are on the increase and petty crime including theft is on the increase, with debts being a popular motive.
For Scottish individuals with debt, there are options open to those in short and long-term financial difficulties such as Trust Deeds, Debt Arrangement Schemes, Debt Management, LILA (Low Income Low Asset) Bankruptcy and Sequestration.
DebtAdvice-Scotland.co.uk, an introducer of Scottish Trust Deeds has spoken to Scottish individuals experiencing financial difficulties, many of which are at the worst end of the Scottish debt spectrum.
A spokesman for the company said "We recently spoke to an individual with debt in excess of 15,000 and they had told us about how they stole money from a family member to repay an outstanding balance on a credit card. A fight among the family ensued and the individual was exiled from the family home.
When we spoke to the person, it was apparent that she easily met the criteria of a Trust Deed. The whole situation could have been avoided if she had been made aware of the options open to her. Debt collectors that she had spoken to were not so kind and the strongly worded letters she was receiving from multiple lenders did nothing to help her, in her own mind she had ran out of viable options.
There is a range of debt solutions available, for example Trust Deeds. Some people question if the Scottish government are doing enough to communicate debt relief solutions that are available to the Scottish public effectively to those Scottish individuals with debt."
If you owe more than 10,000 in unsecured loans and credit cards, a Trustdeed could help you resolve your financial burden. Trust Deeds use government legislation to write off debt that you cannot afford to repay and usually last for 36 months. Any debt left over after the period of the Deed has complete is legally written off. There are pros and cons of using this as an option to repay debt, you are advised to speak to a qualified money advisor.
Debt Advice Scotland serve the Scottish public by offering free advice and guidance on debts.
by: Dean Paterson
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