Scottish Debt Solutions
Debt Help Scotland
Which debt solutions are available only in Scotland?
All of the debt recovery solutions below are only available in Scotland, with the exception of the Debt Settlement Offer and Debt Consolidaiton Loan.
Debt Settlement Offer
If you acquire a lump sum of money and you have troublesome debts, then a Debt Settlement Offer can enable you to pay that debt at a reduced amount.
Minimum Asset Process
Available only to residents of Scotland, MAP is a type of debt solution that is designed for individuals who are struggling to pay their debt in reasonable time and may need portions of it written off.
Trust Deed
Only available to residents of Scotland, a Trust Deed is a legally binding, formal debt solution. It is designed for people who are struggling with debts of £5,000 or over.
Sequestration
Sequestration is a type of debt solution available to residents of Scotland. Whilst the rest of the UK has bankruptcy, Scotland has sequestration. The two solutions are very similar.
Debt Arrangement Scheme
First introduced in Scotland in 2004, a DAS is a legally binding debt solution available to residents of Scotland. It is an alternative to a Trust Deed or Sequestration.
Debt Consolidation Loan
A debt consolidation loan can be an effective way of paying off debt to multiple creditors and combining it into one affordable payment.
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Scottish Debt Solutions FAQs
How Does a Trust Deed Work?
A Trust Deed is a legally binding agreement between you and your creditors to pay back a portion of the money you owe over a set period of time (usually 4 years). At the end of the agreement, if you have followed the conditions of the arrangement, any remaining debt will be written off. A Trust Deed needs to be
What is the Purpose of a Sequestration Order?
Sequestration is a form of bankruptcy that is only available in Scotland, however it is very similar to the version of bankruptcy available in the rest of the UK. Sequestration is a form of insolvency designed to be used as a last resort, when a person is completely unable to repay their unsecured debt. You can enter into sequestration voluntarily or
What is MAP Insolvency?
Minimal Asset Process is a type of bankruptcy only available in Scotland. It is designed to give those with debts they can’t repay within a reasonable amount of time a fresh start. MAP is aimed at people with low incomes and few assets. It is cheaper and more straightforward than Sequestration. Take a look at our Minimal Asset Process page to find
Is a Debt Arrangement Scheme an Insolvency?
A DAS is not an insolvency. Available only in Scotland, a DAS is a statutory Debt Management Plan. A DAS should be thought as a consolidation of debt that is then payable over an extended period of time. Ultimately you will pay off your debt and it will not be written off. All fees, interest and charges are frozen on your
