Is a Scottish trust deed an option if you’re in the Armed Forces?
Here we look at what trust deeds are and whether they can help those serving in the army, navy, or RAF, to deal with debts that have become unmanageable.Many are struggling to make ends meet as they try to cope with rising living costs and mounting debts. Here we look at whether a Scottish trust deed can help those serving in the army, navy, or RAF, to deal with debts that have become unmanageable.
The Royal British Legion recently published research warning that a third of all of the debt problems it encounters involve individuals who are struggling to repay unsecured loans. It's Money and Benefit Advice service (MBA) is expected to deal with a record 10,000 armed forces servicemen and ex-servicemen with debt problems in the next year. In 2007, when the service started, it dealt with 2400 people. This shows the increasing extent to which a Scottish trust deed might represent a viable option to armed services personnel.
The head of the service, Alison Wyman, said that servicemen can struggle with household bills when they come out of the Armed Forces, with many therefore forced to consider a Scottish trust deed as a potential solution. She went on to say that unsecured personal loan debts are the biggest problem her service deals with, while credit, store, and charge card debts are also a huge issue.
At Trust-Deed.co.uk our fully qualified debt advisors often offer debt and trust deed advice to those in the armed forces who contact us regarding the possibility of a Scottish trust deed. We understand there may be concerns about whether a Scottish trust deed will affect their future career or role.
If you are serving in the armed forces and struggling with debts, your first step, irrespective of your employment status, should be to seek advice from a fully qualified debt advisor, who will carefully examine your income and expenditure as well as any substantial assets and your debts; this will give your advisor an idea of whether a Scottish trust deed is the right solution for you.
If you are considering entering a Scottish trust deed you should report your intentions internally. For example, those in the army might notify their regimental administration office, where the regimental administration officer (RAO) may give you advice and can, if you require, refer you to outside agencies which offer assistance. Whether you are in the army, navy or RAF, the most important thing is to be open and upfront about your situation if you are thinking about commencing a Scottish trust deed.
Your advisor will also discuss suitable alternatives to a Scottish trust deed. Therefore, if you decide after taking everything into consideration that you would prefer not to report your financial problems to your employer, there may be other less formal options which suit your personal circumstances far better.
How about if you are considering joining the army, navy or RAF, and already have debts that you are struggling to repay (or have started a trust deed already)? If this is the case you should discuss these with the careers office when you meet with them; the careers office staff may do some calculations about how much you need to repay your debts against your overall prospective wage.
Being in the armed forces is no bar from entering into a Scottish trust deed necessarily. However, like persons in other disciplined professions (such as the police or prison officers) there may be extra internal disclosure steps to be taken in advance to avoid career problems.
If you’re in the armed forces and find yourself struggling with unmanageable personal debts, it is important you quickly deal with them. A call to the Scottish trust deed advice line will allow us to carefully assess your situation with you, and recommend whether or not a Scottish trust deed is the best course of action for you.
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