Scottish Debt SolutionsDebt Management Solutions for residents of Scotland

if you are struggling to repay debt, your first step should be to talk to your creditor(s) to try and arrange a repayment plan. If this is unsuccessful, a more formal debt management plan should be considered, with a debt specialist liaising between you and your creditors. If you are worried about legal action from your creditors, a legally-binding agreement known as a Trust Deed would be the best solution. A Trust Deed is a formal arrangement available to residents of Scotland with debt problems, to protect them from legal action by their creditors and to ensure that they are able to keep their property. The agreement is between the individual who is unable to pay their debts and an Insolvency Practitioner (known as the 'Trustee'). Visit the What is a Trust Deed article below for a more detailed explanation, or to find an Insolvency Practitioner to talk through your options for clearing your debt, click on the link. More info

The most serious debt option is Sequestration, which is the Scottish legal term for bankruptcy. It is a legally binding status that you can apply for if you are a resident of Scotland and you are unable to pay off your debts through any other legal means. Although there are serious short-term financial implications of sequestration such as losing your house and other valuable assets, you will be able to clear all of your debts during the sequestration period and as such, it should be seen as a way of starting afresh with your finances. Always seek professional debt advice before proceeding with sequestration. For contact details and more detailed information about sequestration, visit the What is Sequestration article. Less