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'Houston, we have a debt problem'

'Houston, we have a debt problem'

- Monday, 22 June 2009

The current economic conditions are causing national debt management problems, it has been noted.

Yvonne Gallacher, chief executive of voluntary organisation Money Advice Scotland, tells Scotland on Sunday that factors are combining to make the iconic phrase "Houston, we have a problem" apply more than ever to household finances.

A greater number of people are being forced out of work due to the recession, while debt problems and repossessions are on the increase, she notes.

She adds that the rate at which national debt management problems are likely to grow cannot be anticipated.

"We know a problem exists but we don't know how big it is, or likely to become," Ms Gallacher writes for the publication.

She previously told readers of Scotland on Sunday that IVA debt solutions are not available north of the border.

Instead, the closest equivalent in Scotland is the Trust Deed, she pointed out, which is available in a form that creditors must agree to and an alternative, the Protected Trust Deed, which is binding on creditors.ADNFCR-2300-ID-19229148-ADNFCR
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