Options for clearing your debt
If you’re struggling to pay day-to-day bills, or to keep up with loan repayments and other financial commitments, there are a number of options open to you to help clear your debts. We outline some of the most common options you might have heard of below. However, don’t make any decisions on your own – before you do anything we can give you expert debt advice.
We will help find the best solution for YOU. Our core principle is to do what is right for our customers, 100% of the time.
Debt Management Plan
What is a Debt Management Plan?
A Debt Management Plan (DMP) is an informal repayment agreement between you and your creditors. It allows you to reduce your debt repayments so that you can pay back your creditors at a pace that you can afford.More Info
Individual Voluntary Arrangement
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a legal agreement between you and your unsecured creditors. You pay back an affordable monthly amount for a set period of time, usually 5 or 6 years. After this period of time, any remaining debt will be written off.More Info
Debt Arrangement Scheme
What is a Debt Arrangement Scheme?
A Debt Arrangement Scheme (DAS) is a debt management program, run by the Scottish government, which allows you to repay your debts over an extended period of time whilst providing you protection from their creditors taking further action against you.More Info
Protected Trust Deed
What is a Protected Trust Deed?
A Trust Deed is a voluntary arrangement for Scottish residents that allows you to come to a legally binding arrangement with your creditors to repay part, or all of what you owe. We can assess if a Trust Deed is suitable for you as not everyone is eligible. For instance, you must be residing in Scotland for over 6 months and have regular household income.More Info
What is Bankruptcy?
Bankruptcy is a court order that you can apply for if you are in serious debt. It is a legal declaration that confirms you are unable to repay your unsecured debts and any assets you have may be used to pay off your creditors. Any debts left unsettled will be written off completely. Whilst it is a possible solution to a serious debt problem, think carefully before you declare bankruptcy as it's not a decision to be taken lightly, as it can have a severe impact on your credit rating and future life.More Info
Debt Guides & Advice
We have Debt Guides & Information pages to help toward improving your financial situation.
Frequently Asked Questions
This page includes the questions most commonly asked about Debt Management Plans, Individual Voluntary Arrangements, Trust Deeds, Bankruptcy and answers to these questions. The information provided may answer your questions but if it does not, please contact us.
You don’t need to pay for debt advice. We will help you decide which of the options set out here is most suitable for you in order to help you manage or clear your debts.