Our expert team of advisers provide a compassionate and knowledgeable debt help and advice service across Scotland, giving you the space to discuss your money worries in confidence. In return, we will provide you with expert help and advice and suggest the best course of action.
For over 30 years, the team at Scotland Debt Solutions has been dedicated to helping residents of Scotland understand their options by giving expert help and advice to those in debt when it is needed the most.
The importance of expert debt help and advice
There are a number of common debt solutions available to Scottish individuals in financial difficulty, including formal arrangements such as Trust Deeds, Sequestration (also known as bankruptcy) and Debt Arrangement Schemes (DAS).
It is important to know that the options available in Scotland differ from those across the rest of the UK. Only with the right help and advice from someone who understands this, can you be sure you are choosing the right path for you based on your individual circumstances.
Through an initial consultation, we will take the time to understand the situation you have found yourself in, and from that point we can advise which procedure best suits your needs. We will also be there to answer any questions you may have at any stage of the process.
Common questions include concerns about ‘losing your home’ or ‘the affect on your credit rating’, for example. Your dedicated Scotland Debt Solutions adviser will talk you through each procedure and - based on your income, level of debt, and your ability to repay - devise the best route forward to helping you look forward to a brighter future.
Understanding your debt options and solutions in Scotland
The first step to getting yourself back on a solid financial footing is to ensure you have a full understanding of the debt solutions available to you. Your Scotland Debt Solutions adviser will explain the possible options you have, as well as highlighting which one may be the most appropriate for you. The main debt solutions available in Scotland are:
- Trust Deed - A Trust Deed is a legally binding agreement which gives an individual the chance to repay their debts over a set period of time, typically four years. During this time you will make one monthly payment towards all of the debts included in the Trust Deed; some unaffordable debt will usually be written off as part of the process. The amount you will be asked to pay will depend on the level of debt you have and your surplus monthly income; your Scotland Debt Solutions adviser will be able to negotiate this amount with your creditors on your behalf.
- Debt Arrangement Scheme (DAS) - A Debt Arrangement Scheme allows you to repay your debts over a period of time that suits you. With a DAS, you will need to repay all of the debt you owe, although this can be done over a longer period of time to make this more affordable for you. You will make one monthly payment and all fees, interest, and charges will be frozen for the duration of the DAS allowing you to focus on paying down the balance as quickly as possible.
- Sequestration - Sequestration is the Scottish version of Bankruptcy. Sequestration may be recommended if you do not have enough disposable income to service a Trust Deed or a DAS. Sequestration can be a way of giving you a fresh start when debt problems have become too great to manage, however, there are a number of restrictions placed on you both during and after sequestration and depending on your job, sequestration may have an impact on this. Expert help and advice is therefore paramount before opting for this solution.
Don't worry if you are unsure which option is the one for you; it is our job to provide you with the help and advice you need to reach this decision. Your adviser will identify the best solution for you and clearly explain the reasoning behind their suggestion.
Debt help and advice for individuals and businesses in Scotland
From our offices in Glasgow, Edinburgh, Dundee, Inverness and Aberdeen, we provide help and advice to individuals across Scotland each and every year. We have already helped thousands of people take control of their debts, and we are ready to help you do the same. Take the first steps by contacting Scotland Debt Solutions today.
As well as providing expert help and advice to individuals in debt, we also regularly advise limited company directors who are experiencing financial distress with their business. If you are dealing with HMRC arrears, squeezed cash flow, or problems repaying an outstanding Bounce Back Loan, our advisers are here to help. We have 5 offices across Scotland, all offering business restructuring advice and support as well as guidance when it comes to closing or liquidating a company in debt.
