Scottish Debt Solutions
Information about debt solutions for residents of Scotland
Make an informed decision on your financial future with information about the most popular debt solutions for residents of Scotland.
For further information about debt solutions in Scotland you can visit Money Advice Service.
Trust Deeds are a debt solution for people living in Scotland who have £5,000 or more in unsecured debts.
Trust Deeds are legally binding arrangements between you and your creditors and take typically 48 months (four years) to complete when, if successful, all outstanding debt is written off.
If you live in England, Wales or Northern Ireland, Trust Deeds are not available to you. Visit our pages on Individual Voluntary Arrangements (IVAs), which are the equivalent debt solution to Trust Deeds.
Trust Deed Advantages
Trust Deed Disadvantages
Debt Arrangement Schemes (DAS) can help you repay your unsecured debts in full whilst offering protection from your creditors.
DAS are only available for people who live in Scotland, so if you live in England, Wales or Northern Ireland please visit our pages on Debt Management Plans, which are the equivalent debt solution to DAS.
Debt Payment Programme (DPP)
DAS is the first step in the process to resolving your debts. Entering into DAS allows you to set up a Debt Payment Programme (DPP), which can help repay your unsecured debts in full over a reasonable period of time depending on the amount of debt and how much the you can pay you creditors.
Under the agreed terms in the DPP regular payments will be made to your creditors to repay the debts owed. All interest and charges will be frozen provided your application has been approved.
Regular payments towards you unsecured debts will be made to your Creditors as agreed under the terms of the DPP. Once your application to creditors has been submitted for approval, all interest and charges will be frozen provided your application is approved.
Minimal Asset Process (MAP) is a Scottish debt solution for people who are on low income, with not many assets and struggling to repay their debts.
MAP is a cheaper alternative to Sequestration and people are often discharged after six months with their debt troubles resolved.
If you live in England, Wales or Northern Ireland, MAP is not available to you. Visit our pages on Debt Relief Orders, which are the equivalent debt solution to MAP.
Sequestration is a debt solution for people in Scotland and helps people struggling to repay their debts in a reasonable amount of time.
Sequestration is a legal procedure where all of your unsecured debts could be written off, normally after a year. Sequestration can help you deal with serious debts and if no other debt solution is available.
If you live in England, Wales or Northern Ireland, visit our pages on Bankruptcy, which is the equivalent debt solution to Sequestration.
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Scottish Debt Solutions
Updated on 2019-03-26T09:17:10+01:00, by .