Scotland has different debt solutions to the rest of the UK.
Trust Deeds are formal personal insolvency measures.
The minimum term is 4 years. Unpaid debt gets written-off if you complete it.
Assets get checked as part of the process.
This option may be good if a Debt Arrangement Scheme would take too long. It can help you if avoiding bankruptcy is important. Read more...
The Debt Arrangement Scheme isn't insolvency.
You repay your debts (in full) at a rate you can afford. Interest and charges stop if you maintain the payments.
You're given legal protection from your creditors. A third party deals with your creditors for you. You make a single payment.
It may cause less credit rating damage than an insolvency process. Read more...
Bankruptcy ("sequestration" in Scotland) is often viewed as a last resort. However, it can be the quickest and cheapest way to escape a debt crisis.
Discharge takes one year, but payment can continue for four years.
Home owners should be cautious.
Some employment types should avoid bankruptcy. For others, it's the right ways forwards. Read more...