Other Debt Solutions


It may be that Sequestration or Trust Deeds are not the appropriate route for some individuals and there are other solutions that we can provide information on and signposting  as follows :-

Debt Arrangement Scheme (DAS)

The Debt Arrangement Scheme is a statutory form of debt management.  The Scheme involves setting up a payment plan to creditors which generally requires a monthly payment over an extended period.   The benefits of the Scheme are :-

Interest and charges are frozen.

Creditors are prevented from taking further action whilst an approved payment plan is in place.

Unlike sequestrations or trust deeds, the family home is less likely to be affected.

Prior to entering into the Scheme, advice must be sought from an approved Money Advisor and to locate one in your area, please click here.

Whilst we are not directly involved in administering cases under DAS, we can provide some general information or alternatively you may with to contact the Accountant in Bankruptcy or view the DAS website yourself at https://www.dasscotland.gov.uk/

Debt Management Plans

A debt management plan is simply an informal arrangement that you enter into with your creditors to pay a reduced monthly payment over a period of time.  The intention is to repay the debt in full but you should be aware that unless creditors agree to freeze interest and charges, you can end up paying back considerably more than originally owed.

Whilst there are numerous companies offering such plans,  it is common for them to take a monthly fee from you for the setting up and ongoing monitoring of the plan.  It is important to realise that you can make such arrangements directly with your creditors which ensures that no management fee is being paid and consequently the debt is cleared sooner.

If you are reluctant or feel uncomfortable negotiating with your creditors,  your local Citizen's Advice Bureau may be able to assist in providing further advice.

Other Schemes

There are numerous companies advertising various means of writing off debt, offering consolidation loans or offering to buy and rent back your property.   It is our experience that such schemes invariably result in further debt and financial difficulties and we would strongly advise that prior to committing yourself to such a route, that you contact an Insolvency Practitioner for independent advice.