Creditfix calls on Scottish Government to help with personal debt worries

Credtfix is calling on the Scottish Government to widen its offering of debt solutions to Scottish residents struggling with their personal finances, beyond just the Debt Arrangement Scheme (DAS) that has been in place since 2004. Glasgow-based Creditfix wants different solutions to be offered depending on individuals’ personal circumstances.

Pearse Flynn, CEO of Creditfix said “When it comes to helping people deal with their personal finances, there is not a ‘one size fits all’ solution to debt. The Government here in Scotland has taken a very restricted approach by only offering the DAS as its recommended solution. When compared to a Trust Deed, which often means the entirety of someone’s debts does not need to be repaid; reducing the total time a repayment plan is in place – thousands of people will be better suited to this as an alternative.

“Depending on the amount of money someone owes, their income, timescale to get out of debt, level of secured debt and assets – a DAS is often not the best path forward. It’s also important to take into account the position people are left in after a debt has been repaid. Credit scores can be impacted negatively and we are committed to not just helping and assisting people in recovering from debt, but also rehabilitating their financial situation afterwards, putting individuals in a better position to get on with their lives moving forward.”