Articles

Trust Deed

What happens when a Trust Deed ends?

Your Trust Deed has finally come to an end; you’ve made all your payments and have been formally discharged. Congratulations! You may now be wondering what happens next...

DAS

Pros and cons of a Scottish Debt Arrangement Scheme (DAS)?

The debt arrangement scheme, or DAS, is a government-backed procedure designed to offer residents of Scotland who are experiencing escalating debt the chance to fully repay their creditors rather than...

Personal Debts

Tax Debt Help for online content creators and OnlyFans models

Social media has opened up a whole new way of earning money, with more people than ever now turning to platforms such as TikTok, Instagram, YouTube, and OnlyFans to generate extra income.

Business Debt

HMRC debts for sole traders and businesses

If you can show that your current financial state is only temporary, and you’re not deliberately trying to avoid payment, you may be able to negotiate for more time to pay. HMRC understand that sour...

Man looking at a Statutory Demand request

Business Debt

What is a Statutory Demand?

A Statutory Demand is a formal, written request for a debt to be paid. Statutory demands can be sent to an individual or a company by someone you owe money to (known as a creditor).

Business Debt

Can a Winding Up Petition be stopped in Scotland?

The winding up procedure, also known as Compulsory Liquidation, is the process of forcing a company to close when it cannot pay its debts. A creditor, such as a supplier or HMRC, can take this action...

Businesswoman puts signature on document

Business Debt

What happens to personal guarantees in insolvency?

If your business is insolvent, you might be worried about the potential impact it can have on your own finances, particularly if you have signed a personal guarantee.

Debt arrangement scheme DAS is shown on the conceptual business photo

DAS

Disadvantages of a Scottish Debt Arrangement Scheme (DAS)

A debt arrangement scheme is a common agreement whereby Scottish residents in serious levels of debt can repay their creditors through consolidated monthly or weekly payments.

DAS

How do I apply for a Debt Payment Programme (DPP)?

If you’re struggling to pay your unsecured debts, a debt payment programme could help you to regain control of the situation, and become financially stable again.

Trust Deed

What’s the difference between a protected and unprotected Trust Deed?

A protected Scottish Trust Deed is legally binding and provides certainty over repayments, whereas, under an unprotected Trust Deed, repayments can change.

Sequestration

Consequences of sequestration (bankruptcy) in Scotland?

Sequestration is often a last resort for people in serious debt, and one that is taken only after all other options have been exhausted.

Two people shaking hands on an agreement

Business Debt

What is an HMRC Time to Pay arrangement?

If you’re struggling with company tax debts, you can make a Time to Pay arrangement with HMRC to repay what you owe over a typical period of six months.