Debt Solutions for Scottish Residents
Debt Arrangement Scheme
Repay your debt based on your affordability. Interest and charges are frozen once a debt arrangement scheme is agreed.
Protected Trust Deed
A trust deed is a voluntary and legally-binding agreement between you and your creditors that can help you write off your debt.
Sequestration is the Scottish equivalent of bankruptcy.
Minimal Asset Process
Minimal Asset Process (also referred to as MAP) is a form of sequestration.
Debt Repayment Options
If you a resident of in Scotland, there are a few options available for repaying personal debt include Protected Trust Deeds, Debt Arrangement Schemes and Sequestration (the Scottish equivalent of bankruptcy.) For many people, these are often confusing and depend on your own personal circumstances including how much debt you owe, assets that you hold including a house and car. The Protected Trust Deed is the most commonly used solution, which allows an individual to write off a potential 60% of their debt, repaying within a 4 year period. Another option is the Debt Arrangement Scheme, a government-endorsed initiative that lets you pay off your debt over an extended period of time. Your debts get frozen and you make payments at a rate you can afford. A third option is a sequestration, the Scottish equivalent of bankruptcy. All of these options have pros and cons and will depend on you, what you can afford to repay and the type of debts you have. Learn more about the different debt repayment options available in Scotland by completing our contact form to arrange free, confidential advice. Entering a debt repayment will harm your credit rating. A Trust Deed will stay on your credit record for 6 years. A reduction in your credit rating will make getting new credit harder and more expensive during and after the Trust Deed completion. Trust Deeds and Sequestration may not be an option with certain job types. Often taking that first step is the hardest, but we know we can help you prepare, so let us help you take that first step. Our advisors tell us that customers often say they wish they did it sooner. If you live in England, Wales or Northern Ireland, you can use an individual voluntary arrangement, which is similar to a trust deed agreement. Debts we can help you with… Utility Arrears, Council Arrears, Store Debts, Payday Loans, CCJ Debts, Overdrafts Loans, Credit Cards
Over 98% of Trust Deed proposals are accepted
An average of 60% of debt is written off with a trust deed
37% of all personal insolvencies in Scotland, are sequestrations
17% of individuals choose to repay debts with this solution