You are normally discharged from sequestration after 12 months. You will be discharged after 6 months if you enter sequestration through the MAP route. Your Trustee will remain in office for a further period of two years, during which time they may continue to realise your assets. Even though you have been discharged, you must cooperate with your Trustee.
The main differences between and IVA and Trust Deed are that one is an English Debt Relief process and the other is a Scottish debt relief process. An IVA can only be accessed by English and Welsh residents whereas Trust Deeds are only available for Scottish Residents. In an IVA you must have minimum unsecured debts of £15,000 whereas a Trust Deed is a minimum of £5000. The duration is also slightly different in that an IVA generally lasts for sixty months whereas a Trust Deed lasts for forty eight months.
The Debt Arrangement Scheme, like any debt management product, may affect your credit rating. If you enter into a DAS then your details will be recorded on the DAS register. This is a register which can be accessed free of charge. Creditors and credit reference agencies check this register on a regular basis and may update your credit file to reflect this information. While you have a Debt Payment Programme under DAS, you will not normally be able to access additional credit. There are exemptions to this which your money adviser can further explain.
The UK government is to asses the impact that welfare policies including Universal Credit have had on people living in Scotland.
Roughly in one in six people in employment around the UK are in low-paid and insecure work, according to a new piece of research carried out by the Living Wage Foundation.
There is a pronounced correlation between the rollout of the Universal Credit benefits system and rising demand for foodbanks in specific areas of the country.
A new fund has been launched with the aim of providing financial support to Scots who live on low incomes and struggle to cover the costs of funerals for their loved ones.