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For further information on this issue, use our Enquiry link, select Debt Help and we will contact you.
You may wish to download and post our Financial Questionnaire.
What is debt advice?
Tailored advice with the purpose of assisting over-indebted individuals to gain control
of their finances and remove their debt burden.
What solutions are available?
There are a range of solutions available which include a Debt Management Plan, Full & Final settlement,
Protected Trust Deed, Individual Voluntary Arrangement or, in a worst case scenario, Bankruptcy and Sequestration.
Debt Management
A financial solution that will allow you to make affordable monthly payments to your creditors without having to borrow more money.
It may be possible to negotiate with your creditors to reduce the monthly payments and freeze interest so that you will be able to clear your debt faster.
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Full & Final Settlement
A debt solution which is available for people who are able to make a lump sum payment of at least 60% of the unsecured debt owed to creditors.
The level of reduced settlement is dependent on the creditors, the type of debt and your individual circumstances.
By accepting the reduced lump sum payment, the creditor agrees to write off any outstanding debt.
Protected Trust Deed
A solution available to people who have lived in Scotland for more than 6months.This solution is suitable for individuals with a minimum of £10,000 unsecured debt and 2 or more creditors.
The Protected Trust Deed is a legally binding agreement between you and your creditors where by a monthly payment from your disposable income will be paid to a Trustee who will negotiate with the creditors on your behalf.
A Trust Deed usually lasts for 3 years and when concluded you will be free of the debts owing when the Trust Deed was granted.
Individual Voluntary Arrangements
A solution available to people who reside in England, Wales and Northern Ireland. A legally binding agreement that enables you to put a proposal
to your creditors which, if accepted, will allow you to make one monthly affordable payment, usually for 5 years. This solution is suitable for individuals with unsecured debt of at least £15,000 and 3 or more different creditors.
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What are the benefits of debt advice?
You will be given help on the road to financial recovery allowing you to regain control of your situation. You may also have the potential to retain your property while clearing your debts. If you seek debt advice as soon as your realise you have a debt.
Any other options?
Bankruptcy and Sequestration are debt solutions which are a worst case scenario and will only be considered when all other options have been explored.
Sequestration is the Scottish equivalent to Bankruptcy. The principal effect of Bankruptcy and Sequestration is that if own any valuable assets, including endowment policies, these would usually have to be realised for the benefit of your creditors.
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Think Debt Standard
To ensure you receive the highest quality of debt advice you should only speak to a company with The Debt Standard accreditation.
This award is the UK's first independent quality mark system where by all member companies must adhere to a rigorous code of practice.
Talk to someone
If you think debt is a problem then why not take a financial health check today? The sooner you take action to resolve your debt the sooner you begin to regain control of your financial situation and potentially avoid the consequences of Bankruptcy and Sequestration.
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