Debt Solutions
All of the debt recovery solutions below are only available in Scotland, with the exception of the Debt Settlement Offer and Debt Consolidaiton Loan.
Trust Deed Information and Guides
What Is A Trust Deed?
Only available to residents of Scotland, a Trust Deed is a legally binding, formal debt solution. It is designed for people who are struggling with debts of £5,000 or over.
Is A Trust Deed Right For You?
Whether a Trust Deed is right for you or not will largely depend on your personal situation e.g. debt level, number of creditors, affordability etc.
Does A Trust Deed Have Fees?
Setting up a Trust Deed does incur some costs; however, you will not be expected to pay anything up front at the beginning of the arrangement and there will be no surprise costs at the end of the arrangement.
How Does A Trust Deed Work?
A Trust Deed is a debt solution where you agree with your creditors to pay all or part of your debts. This agreement is set up and managed by a Trustee, who will receive an agreed monthly payment from you and will divide it amongst your creditors.
How Do I Apply For A Trust Deed?
Signing up to a debt solution is a significant event in your life, so it is important to gather as much information as possible, so you can make an informed decision.
Trust Deed Pros and Cons
Like things in life, Trust Deeds carry with with them benefits and things to consider. Take a look at our article to find out whether a Trust Deed is right for you.
Trust Deeds – Which Debts Can Be Included?
Many kinds of debts can be included in a Trust Deed. They are limited to unsecured debts but by solving your unsecured debt problems, you may find paying any secured debt much easier.
Trust Deed Information and Guides
Debt Arrangement Scheme
A DAS is a legally binding debt solution available to residents of Scotland. It is an alternative to a Trust Deed or Sequestration.
Minimum Asset Process
MAP is a debt solution that is designed for people who are struggling to pay their debt in reasonable time and may need portions of it written off.
Debt Consolidation Loan
A debt consolidation loan can be an effective way of paying off debt to multiple creditors and combining it into one affordable payment.
Sequestration
Sequestration is a type of debt solution only available to residents of Scotland. It is similar to bankruptcy which is available to the rest of the UK.
Debt Settlement Offer
If you acquire a lump sum of money and you have troublesome debts, then a Debt Settlement Offer can enable you to pay that debt at a reduced amount.
Scottish Debt Solutions FAQs
What Is The Purpose of a Trust Deed?
The main purpose of a Trust Deed is to take all of your unsecured debt, calculate how much of it can be paid within a 4 year period at an affordable rate and write off the remaining balance. Leaving you debt free.
Read More
What Happens After a Sequestration Order?
Sequestration last approximately 12 months. If you have followed all of the instructions, then at this point you will be discharged. At this stage you may still have some financial obligations to uphold.
Read More
What Are Minimal Assets?
In Scotland, when talking about minimal assets, it is usually referring to MAP (Minimal Asset Process).
Read More
How Do I Write Debt Off in Scotland?
In Scotland, there are a number of debt solutions that involve portions of debt being written off.
Read More