A latest survey performed by Oil and Gas People in affiliation with KPMG has revealed that 70% of oil and gasoline employees are unaware of formal debt options.
The identical survey revealed that many trade employees are nervous about debt, with over 60% expressing considerations about their capability to pay their mortgage.
In Scotland, there are a number of choices out there to these battling their funds.
The Debt Arrangement Scheme is designed for many who are capable of repay their unsecured money owed in full, however want the time and respiratory house to permit them to do that.
Recent enhancements in oil value look optimistic for the sector, and should drive a rise in exercise and employment alternative, but the timings related to this are nonetheless unsure.
Securing this ‘respiratory house’ now in anticipation of improved market circumstances could also be precisely what many Oil and Gas employees want.
Under the Debt Arrangement Scheme, people are protected in opposition to creditor motion. The curiosity on debt is frozen, and there’s no requirement to promote houses or different property.
Protected Trust Deeds are an alternative choice taken by 1000’s of Scots annually. This choice is useful for many who can not realistically pay again their unsecured money owed inside a four yr interval.
After profitable completion of a Trust Deed, the remaining debt is written off.
With over 20 years of expertise, and devoted consultants in areas all through Scotland, KPMG has already helped over 20,000 individuals grow to be debt free.
If you’re battling debt repayments, KPMG can offer you free, confidential recommendation.
Simply click on right here and make contact with KPMG for extra info.