Year of the Dead Scottish Credit Card Repayment

Online, January 3, 2012 (Newswire.com) - R3 a leading insolvency body has reported that 2012 it will be a tough year for UK residents with financial difficulties, many of who are judged to be Zombie Debtors.

What is a Zombie Debtor?

Firstly, Zombie Debtors should not be confused with a Zombie Debt.

Previous address bills and forgotten debts that become reactivated after successful tracing attempts or after they are bought by debt purchase companies buying old delinquent accounts for a low price are considered to be a Zombie Debt.

Someone who has been described as a Zombie Debtor is an individual who is experiencing financial difficulties and who lives on a month-to-month basis, paying the bear minimum and only paying off the interest of the debt.

If only minimum payments are being made then there is no realistic chance that the debt can be cleared and unfortunately for some people, the risk of being exposed to toxic debt levels only increases when a sudden change of circumstances occur such as a job loss or new member of the family.

In a lot of cases, people do not even need to see a drastic change in order to face their own apocalypse but the ever-rising cost of living is pushing some individuals into insolvency.

In 2011, Glasgow City Centre saw filming for a Hollywood movie entitled World War Z and the film (which boosted Glasgow's economy) is set to be released in 2012 and with this, there is a fitting reminder of what people in Scotland are facing with, if they can be classified as Zombie Debtor.

In 2011 Trust Deed Scotland helped thousands of people by providing ethical debt advice and fortunately, there is help available for people in this position to overcome their financial difficulties and enjoy the prospect of a life free from debt.

Trust Deeds and a form of Debt Management in Scotland known as a Debt Arrangement Scheme, use government legislation to control debts and restructure personal debt so that people are paying back their unsecured debts based on what they can realistically afford to repay.

No movie release by the great director George A. Romero ever revealed a cure to any portrayed Zombie Epidemic but for Zombie Debtors living in Scotland, there appears to be more than one potential cure to the disease of personal debt.

To find out more, contact Trust Deed Scotland today or find out more information on What is a Trust Deed.