Solutions to your personal financial situation

Our financial circumstances are one of the most fundamental parts of having a healthy and prosperous life, yet we find ourselves in uncontrollable situations due to our lack of control when it comes to our spending.

If you find you lack control over your finances, struggle with debt and are stressed to the eyeballs due to this, take a moment to read through the steps below that will help you deal with the situation you may be facing and how to reduce the risk of this happening again in the future.

Write a budget

Don’t live a lifestyle you cannot afford to live, take the time every week to write down your income and expenditure for the week ahead based on essential living costs and household bills. Whatever you are left with after this should be divided up into a savings pot for emergency funds, a food shopping list for the week, school/work essentials and any other costs you think may incur for the week ahead.
There are multiple budgeting apps available for Apple & Android, try and get your hands on one of these as they will really help you stay within your means. Here’s a great free app to get you started: Visual Budget

Do not apply for high interest loans such as payday loans

Over utilising payday loans as a resource for quick funds is not a reasonable way to live your life if you are wanting to focus on a more sustainable finical situation.
Payday loans are there to provide people with quick funds when they are struggling to make it through the month until payday, but with this comes extortionately high interest rates. This is all good and well as a one-off situation, but making this a regular occurrence implies you have a greater issue and are living beyond your means, refer to the above point if this is the case.

Research the debt resolution options out there

If you find your financial situation has become uncontrollable, then it may be time to seek professional help. Living in Scotland there are multiple plans available to you which can help manage your debt.

Trust Deed

Trust deeds are debt management plans available only in Scotland. They are an agreement between an individual in debt and their creditors. It enables the borrower to pay back some or all of their debts. At the end of the trust deed, the individual is declared debt free. This works by the individual in debt giving their assets to a trustee, who is a qualified insolvency practitioner, and they go on to sell the assets in order to pay back the debts. The individual in debt will also be required to make payments towards the debt from their income for five years, although this time varies case by case.


Sequestration is a form of bankruptcy in Scotland. It can be considered a ‘last resort’ due to the possibility of you having to lose personal assets, such as your home and car. With sequestration, you will only make payments towards your debts if you can afford to, taking into consideration your current income and expenditure. Payments can occur for up to 4 years, but you will usually be discharged after 12 months and any outstanding debt is written off.
For more information on the plans available for you to manage your debt, you can call our 24-hour debt helpline and speak with an expert debt adviser on the best solution for your circumstances.
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