Check If You Qualify

Expert Advice for Out of Work Oil and Gas Contractors

Sharon McDougall - Updated - 17th May 2024 - 3 minutes to read

The steep decline of the oil and gas industry in Aberdeen severely affected contractors when the price of crude oil dropped dramatically in 2014. Although prices have risen since then, unfortunately job losses and serious debt problems continue to occur. The price of crude oil fell to a ‘year low’ of just under $26 per barrel in 2016, and whilst the equivalent figure for 2018 was $42 per barrel, economic forecasts predict further significant job losses over the coming years. Ernst & Young’s, ‘EY Scottish ITEM Club 2019 Forecast,’ predicts an average yearly contraction in Aberdeen’s labour market of 0.1% between 2018 and 2021, with the oil and gas sector forecast to suffer the most job losses - around 1,400 over the three years. So what can you do if you’re an out of work oil and gas contractor in Aberdeen, and are worried about your own financial situation?

Professional advice for oil and gas contractors in Aberdeen

If you’re in arrears with your household or tax bills and creditors are constantly pursuing you for money, there’s a chance they could take legal action through the courts to recover the debt. It’s important to know that you can take positive action to protect yourself from potential bankruptcy, and the first step is to seek professional advice from a licensed insolvency practitioner (IP).

Scotland Debt Calculator

Get a rough indication of what your repayments might be under each of our different debt solutions.

Your Total Debt

£0 - £5,000

£5,000 - £10,000

£10,000 - £20,000


Your Employment Status

I am employed

I am self-employed

I am unemployed

I am a student

I am retired

Your Total Monthly Income

£0 - £1,000

£1,000 - £2,000

£2,000 - £3,000


What can you pay monthly towards your debt?

£0 - £100

£100 - £200

£200 - £300


Assessing your overall financial position

Our licensed IPs at Scotland Debt Solutions are insolvency specialists, and we have a long and successful history of helping Scottish residents to escape debt. Initially, we can establish the full extent of your situation by assessing your financial affairs, including:

  • The level of debt(s) you owe
  • The type of debt
  • Your income
  • The value of any assets you own

The results of this assessment dictate which Scottish debt relief procedures may be appropriate, and we can then guide you towards the best for your particular circumstances. So which procedures might be suitable?

Debt Management Plan (DMP)

A Debt Management Plan is an informal arrangement that allows you to repay your debts over a longer period of time. Interest and charges are typically frozen so the overall debt doesn’t increase, but as this is an unofficial procedure creditors aren’t legally bound by it. Non-priority debts including credit cards, store cards, and bank overdrafts, can be included in a DMP, but not priority debts such as your mortgage or rent, council tax, utility bills, or income tax arrears.

Debt Arrangement Scheme (DAS)

The Debt Arrangement Scheme is similar in nature to a Debt Management Plan in that your debts are paid off in full over a longer period of time, but DAS is legally binding on you and your creditors. Interest and charges are frozen as part of the arrangement, and creditors are unable to take legal action against you as long as you meet the terms and conditions throughout this procedure.

Trust Deeds

Trust deeds involve paying a proportion of your debts within a formally negotiated arrangement that typically lasts four years. This solution might be suitable if you have some disposable income each month or assets of value that could be sold, and is generally used to repay personal loans, and credit card and store card balances that have become unmanageable.


Sequestration is the term for bankruptcy in Scotland, and is usually viewed as a measure of last resort for people in serious debt. The process involves handing over all your assets to a trustee, including your property if you’re a homeowner, and potentially paying a monthly contribution towards your debts if financial circumstances allow. For more information on how we can help, call one of our expert team at Scotland Debt Solutions. We’ve been closely involved in helping out of work oil and gas contractors in Aberdeen since the industry started to decline in this area, and can offer free same-day consultations either by phone or at our Aberdeen office.

facebook colour icon twitter colour icon linkedin colour icon messenger colour icon whatsapp colour icon email colour icon
Sharon McDougall Square

Sharon McDougall


Other Articles

Can I borrow money whilst I’m in a Trust Deed? Can I Borrow Money

Can I borrow money whilst I’m in a Trust Deed?

Borrowing money when you’re already deeply in debt requires careful consideration, and consultation with your trustee, as there are various factors associated with further borrowing in this situatio...

Your guide to getting a mortgage after a Trust Deed Guide to get a mortgage

Your guide to getting a mortgage after a Trust Deed

If you’re about to be discharged from a Trust Deed, you may be wondering to what extent your ability to obtain a mortgage has been affected.

What is an inhibition court order in Scotland? Court Order

What is an inhibition court order in Scotland?

If you’ve lost your job, state benefits and tax credits can provide vital financial support to see you through this tough time and help you avoid taking on too much debt while you look for more work...


Why Choose Us

Usp Discussion

Speak Direct With

A Qualified Adviser


We Don't Operate

Call Centres

Usp Location

5 Offices in Scotland

National Coverage

Usp House

Ask us About

Home Visits

Usp Award

Fully Regulated Advisors

From a Reputable Firm

Usp Hand Heart

Helping Scots Get

Out of Debt Since 1989

We'll give you a call

Our Scottish based team can help advise you on your debt problems.

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our Privacy Policy.


Useful Tools

Personalised Debt Report
Usp Planner

Personalised Debt Report

Our personalised debt report will help you better understand your financial position and see where your money is going.

Debt Report
Instant Scheduled Call & WhatsApp

Instant Scheduled Call & WhatsApp

Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.

Arrange Callback
Find a Local Office
Usp Signpost

Find a Local Office

We have five offices located across Scotland. Find your nearest one here.

Find an Office


We can help you with...



Sequestration is the Scottish version of bankruptcy and may be suitable for you if you do not have the money to pay back your debts

Find out More
Trust Deeds in Scotland

Trust Deeds in Scotland

A Trust Deed involves making a monthly contribution to your debts for up to four years. After this time any remaining debt included in the Trust Deed will not need to be paid.

Find out More
Debt Arrangement Scheme (DAS)

Debt Arrangement Scheme (DAS)

A Debt Arrangement Scheme (DAS) lets you pay off your debt through a series of manageable instalments over a reasonable length of time.

Find out More
Business Debts
Icon Briefcase

Business Debts

Whether you are a sole trader or a limited company director, we can help you work through your current financial problems including money owed to HMRC

Business Debts

Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority

Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.

ICAS Insolvency Practitioners