We have many years experience in helping people deal with their financial difficulties. We are aware that almost everyone encounters financial difficulties at some time in their lives, sometimes through no fault of their own. The hardest thing to do is to recognise that there is a problem & take the steps to find the right people to help.
Debt Management Plans
A Debt Management Plan (DMP) is an informal agreement designed to allow people who are struggling to meet their monthly debt repayments, the opportunity to make a single, more affordable monthly payment via a debt management company.
The debt management company passes the payments every month to the debtor’s creditors until the debts are cleared.
The debt management company negotiates with the creditors to freeze or reduce interest and charges being made to the accounts.
A DMP may be appropriate if you have a temporary financial problem or if you can’t or don’t want to re-mortgage.
If you live in Scotland and cannot afford to keep up payments on loans and credit cards, a Trust Deed may be the best debt solution for you.
A Trust Deed is a legally binding agreement between you and your creditors where you agree to pay an affordable monthly payment over an agreed period of time (normally 3 years).
A Trust Deed, which can only be arranged through a qualified and licensed Insolvency Practitioner, can be recorded in the Register of Insolvencies as a Protected Trust Deed providing it meets certain conditions.
Additional Debt Solutions
Other potential debt solutions include consolidation loans, sequestration and a Debt Arrangement Scheme
Careful consideration should be taken before choosing any debt solution.
Debt Advisory Services (Scotland) Limited only recommends appropriate debt solutions after we have conducted a full review of your personal financial circumstances.
Our Financial Review Service is completely free and there is no commitment for you to action any of the solutions that we recommend to help you deal with your financial problems
Debt Advisory Services (Scotland) Limited can help point you in the right direction, providing you with friendly, professional and confidential advice when you need it most.