You may wish to consider the main aspects and how they impact your decision.
Statutory debt management solutions are legally binding – which means that your creditors have to stick to the terms. While this means that they cannot chase you for payment or pursue enforcement action against you, or keeping adding interest and charges to your total debt – you are also locked into the arrangement for the duration.
Many people simply do not wish to deal with creditors directly.
There are many Scottish debt solutions that exist to help you with your debt problems.
If you click on the links above, you’ll find out more about how they work and whether they may be right for you.
It’s usually true that a person experiencing financial difficulties would be eligible for more than one of these solutions and therefore it’s in your interest to speak to a qualified money advisor and together you can understand the advantages and disadvantages of each Scottish debt solution.
Call us on 0141 221 0999 if you need help understanding what debt repayment options are available to you.
We’ve been offered tailored Debt Help in Scotland since 2009.
You can get help with your debts in Scotland from a number of places. Most of which will give you free advice at the very least. If you owe money to a number of creditors, you can make arrangements to repay your debts using formal government legislation.
One of the main purposes of any debt solution is to help you to regain control of your finances and reduce your outgoings to an affordable level. If it is an option for you, it may be possible to write to your creditors yourself and agree on a repayment plan.
However, if your debts have become unmanageable then a more formal debt solution may be required.
In Scotland, these solutions that use government-created legislation are known as a Scottish Trust Deed, Debt Arrangement Scheme and Sequestration. All of which stops creditors chasing you for payment, freezes interest and charges and reduce the amount that you repay to a realistic, yet affordable level.
Scottish Trust Deed – More correctly referred to as a Protected Trust Deed, this is set up by an insolvency practitioner and allows an individual to become debt free in a typical period of 48 months, and write off unaffordable debts. Find out more about the risks of Trust Deeds and benefits of Trust Deeds.
Debt Arrangement Scheme – In Scotland only, you can arrange a Debt Payment Programme under the Debt Arrangement Scheme. Find out more about the advantages of a DAS Scotland and the disadvantages of a DAS Scotland.
Sequestration – The term used to describe bankruptcy in Scotland. There are two types of personal bankruptcy in Scotland. Minimal Asset Process and Full Administration Process Sequestration. In this case, this will largely depend on your total debt level and your ability to repay those debts in a reasonable time and the assets that you may, or may not own.
When evaluating where to get help with your debts, you should ensure that you’re speaking to someone who is authorised by the Financial Conduct Authority. There are many companies out there offering debt advice, but not all of them are suitably qualified and may be quick to sell you a solution that is not in your best interest. Our FCA number is 820851.
Another consideration in your decision is to look for the reviews of that company online. Trust Deed Scotland® have thousands of five star reviews on Trustpilot.
When choosing a Scottish debt solutions provider, firstly consider that Trust Deeds, Debt Arrangement Scheme and Sequestration are formal and legally-binding agreements between you and your creditors to pay back your debts over a period of time.
Depending on the solution that you elected to chose to clear your debts, these can only be set up by an Insolvency Practitioner, or a qualified Money Adviser (DAS).
There are many companies offering Debt Help in Scotland but many will act as intermediaries or lead generators who may typically pass your details onto someone else.
At Trust Deed Scotland® our team are based entirely in-house and we can guarantee that your details will not be passed onto anyone else. Your confidential information will remain safe and secure at all times.
Which Scottish debt solution is right for you may depend on a number of factors. As always, these depend on your unique situation.
When you speak to Trust Deed Scotland® we’ll also have your best interests at heart and our advice will always be tailored to your needs. We’re Scottish debt advice experts.
When you’re looking into finding a Trust Deed company, with over 20,000 people helped in Scotland over a decade, we are in an excellent position to be able to help you apply for a Trust Deed and look forward to enjoying life after debt.
Although we’re known as Trust Deed Scotland® we’ve also helped thousands of people with alternative solutions such as the Debt Arrangement Scheme.
Ultimately, only a licenced insolvency practitioner can set up and maintain Trust Deeds on your behalf and that’s why having a Trust Deed company with an in-house team is beneficial for you as they will work together in order to make sure that you’re aware of the benefits and risks of the Trust Deed, but also that if it’s proposed, it’s in your best interest and likely to be successful.
We’re confident in our industry-leading positive outcomes and that if we apply for a Trust Deed on your behalf; it’s likely to be approved by your creditors. With 99% protection rate and 98% client satisfaction, these are indicators of our commitment to you. Our empathetic, non-judgemental advisors will always put you at the forefront of the decision-making process.
We do not operate call centres. Some Trust Deed companies use call centres based in England or Overseas. However, we’re proud to be owned and operated in Scotland and specialists in Scottish Debt Advice.