Alternative Debt Solutions

Are you looking for an alternative to an IVA? Although we don’t offer the below, one of these may be suitable.

Trust Deeds

If you are a Scottish Citizen and have debts over £5,000 you may be eligible for a Trust Deed. A Trust Deed is a formal agreement between you and your creditors that allows you to pay back what you can afford – at a rate that suits you. Whilst you are under a Trust Deed your Insolvency Practitioner or ‘Trustee’, will communicate directly with your creditors on your behalf so you don’t have to worry about dealing with them.

A Trust Deed will freeze any interest rates and charges and will stop your creditors from taking any further action against you so long as you maintain regular payments. It typically takes around 4 years to complete and when you pay off your agreed amount, any remaining debt will be written off!

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Debt Management

A debt management plan is an informal agreement designed to allow someone who is struggling to meet their monthly debt repayments. It can only be used on unsecured debts but is designed to move all your payments into one new affordable monthly amount.

A popular solution, it helps take away the potential strain of dealing with debts direct as this is handled by a trained professional. This individual also usually handles creditor post and any negotiations regarding demands for payment.

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Some Other Solutions

Bankruptcy – For people with extreme levels of debt and repayment problems, it could be the only option. However, Bankruptcy is publicly advertised, which can be distressing. We would only recommend this solution for you after we have explored all other options. Find out more >>

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Debt Relief Order – It is designed to help debtors who have less than £20,000 of debt, a monthly disposable income of £50 or less, assets worth less than £1,000 and a vehicle worth less than a £1,000. Find out more >>

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Debt Arrangement Scheme – The Debt Arrangement Scheme was introduced to provide Scottish residents with a solution to paying back debts without going insolvent. The DAS allows you to repay your debts at a slower, more affordable rate Find out more >>

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Administration Order – A County Court Administration Order is available to individuals who owe no more than £5,000 to at least 2 creditors. They must also have a County Court judgement against them by one of their creditors which they can’t repay in full. Find out more >>

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