Personal Debt

When personal debt becomes a worry, it pays to act quickly and decisively. Our experienced debt advisory team can explain the options open to you, including sequestration, trust deeds and both formal and informal debt arrangement schemes. We hold a consumer credit licence and have acted in hundreds of formal insolvencies and informal debt arrangement programmes over a period of thirty years, always ensuring that the most current legislation is applied to your circumstances. If you’re finding it difficult to make the payments on mortgages, loans and other commitments, it could be time to talk. Call +44 (0)1224 625554

We are here to help and can advise you on the most appropriate course of action.

Debt Arrangement Scheme

The Debt Arrangement Scheme (“DAS”), a popular debt management tool, enables individuals with disposable income to pay debts in full within a reasonable time period. Once a DAS is approved, you’re protected from further action. Creditors cannot add any further interest or charges to your account. Assets, such as your home, will be protected. We can advise you as to your suitability for a DAS. For some, this may be the best path to take and we’ll be by your side to ensure your experience is positive.

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Debt Consolidation

Debt consolidation is exactly what it sounds like. You gather all your debts together in one place and make a single payment to settle all of them. If you only have a few debts this could be an ideal solution. If you’re able to maintain payments, debt consolidation is a way to stick to a solid timescale and produce a definite outcome. We will help you manage the consolidation process and be with you every step of the way as you lessen your debt burden.

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Informal Arrangement

If you want to avoid a formal process you can deal with your creditors directly or have an advisor such as the Citizens Advice Bureau, a licensed insolvency practitioner or a debt management company, to do so on your behalf. An informal arrangement grants you more control over your repayment programme. It is important to note there is no obligation or guarantee that creditors will agree with your proposals. That’s why you can rely on us to make sure you get the outcome you desire.

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Trust Deed

A Scottish Trust Deed allows you to write off debt with the assistance of a licensed insolvency practitioner who must agree to act as your Trustee. The technicalities of a trust deed may seem a little complex. Thankfully, we’re here to help. It is the trustees’ responsibility to deal with the creditors and help you achieve a mutually acceptable outcome. Your trustee will sell any available non-essential assets and will collect a regular contribution (if you are able to make one) from your disposable income. When the trust deed ends, normally after a period of four years, any unpaid debts are written off and your creditors cannot pursue you for any debts that were included in your trust deed.

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Sequestration

The sequestration procedure is the same whether you apply for your own bankruptcy or a creditor petitions to sequestrate you. Any assets that you hold will vest with your trustee, this means the trustee may take reasonable steps to realise the value of these assets. Your disposable income will be assessed and you may have to pay a contribution for a period of four years at the end of which any debts outstanding to your creditors will be written off. The word ‘bankruptcy’ can frighten people, but with our fiscal expertise we can help you manage the process to ensure that you can get back on your feet as soon as possible.

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