Beat My Debt believes that you need to have a good understanding of all available debt solutions before making the choice which is right for you.

If you are resident in Scotland and have serious debt, a Trust Deed could allow you to become debt free in 3 years. You will be required to make affordable monthly payments and release equity from your property if there is any available.

After 3 years, your creditors agree to write off any money still owing and you are able carry on with your life debt free.

Where to start

• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Beat My Debt Forum
• Call us now – speak to one of our advisors in confidence to see if a trust deed is right for you.

Take the first step to beating your debt NOW – Call us free on 0800 077 6180

OTHER DEBT SOLUTIONS IN SCOTLAND

Debt Arrangement Schemes

A Debt Arrangement Scheme (or DAS) is part of Scottish insolvency law. It is a bit like a debt management plan but is regulated so that once in place, creditors are unable to take legal action against the debtor or continue to add interest to accounts.

In order to carry out a DSA, first a debt payment programme (basically a debt management plan) must be put together. An approved money advisor must then agree to send the programme to a DAS Administrator for approval. Once the administrator has approved the programme, as long as the debtor sticks to the agreed payments, all further interest, fees and charges on your debt are frozen and they are protected from any further creditor action. In fact, creditors are unable to take enforcement action against the debtor from the moment that they indicate an intention to apply for a debt payment programme or have an application awaiting approval.

Unlike a protected Trust Deed, creditors do not have the opportunity to reject a DAS. However, there is no money written off the outstanding debt. 100% of the amount owed has to be repaid

Sequestration

Sequestration is the Scottish term for Bankruptcy. It is similar to Bankruptcy in the fact that if you enter into Sequestration, the responsibility for paying your debt is taken away from you. If you are able, you will be required to make regular disposable income payments to your court appointed trustee and you will have to give up any significant assets that you have such as home equity. Normally sequestration will last for 12 months after which you will be automatically discharged.

In order to apply for sequestration, you must be insolvent (unable to pay your debts) and at least one of your creditors mast have taken legal action against you to reclaim their debt.