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How can I clear my debts as quickly as possible?

Sharon McDougall - 26th November 2021 - 2 minutes to read

Quickly clearing your debts allows you to take control of your financial situation and start saving for the future. Once you’ve cleared your debts you can put the money you were using to repay, towards an emergency fund that helps prevent debt in the future, or to start a nest egg.

But what processes are available in Scotland that enable you to escape debt when you’re under huge financial strain? These are the three main debt procedures that could help you clear your debts.

What is the Debt Arrangement Scheme (DAS)?

The Debt Arrangement Scheme, or DAS, allows you to repay your debts in full over a longer period of time than was stated in the original agreement or contract. Interest and charges on the debts are also frozen when you enter DAS, but the process does require you to earn a regular income.

The time it takes to clear debt via the Debt Arrangement Scheme varies according to the amount of debt you have outstanding and the income available to you. A DAS administrator formulates a debt payment plan and you benefit from having no charges or interest added to the amount you owe, as well as a break from creditor pressure.

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How does a Scottish trust deed work?

A Scottish trust deed is an official debt solution that provides a formal structure for clearing your debt. It typically last for four years, and offers a respite from creditor legal action whilst you repay a pre-agreed proportion of the amount outstanding.

To be eligible for a trust deed, you generally need to owe unsecured debts of more than £5,000, and your creditors must agree to the proposal put forward by the trustee. If creditors sanction the trust deed it becomes ‘protected’ and they can’t take legal action as long as you adhere to the terms and conditions.

What is Sequestration?

Sequestration is the term for bankruptcy in Scotland, and is a procedure that requires you to hand over any assets you own to a Trustee. You may be discharged from sequestration after six months if you have minimal assets; otherwise the term is typically 12 months.

You may also be required to contribute monthly towards your debts for up to four years if you have residual income. Whether this would apply to you depends on your individual circumstances, however.

Which debt processes are available in England and Wales?

If you live in England or Wales, debt processes are available that are similar to the Scottish procedures. These include Individual Voluntary Arrangements (IVAs), Debt Management Plans (DMPs), and bankruptcy.

The expert team at our sister company, UK Debt, can offer further advice on the suitability of these procedures under your circumstances, and provide professional guidance you can trust.

Scotland Debt Solutions specialises in helping Scottish people escape debt, and offers valuable support during the process. We can provide advice tailored to your situation – just contact one of the team to arrange a free same-day consultation at one of our offices in Scotland.

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Sharon McDougall


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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

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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.

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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.

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