When you’re drowning in debt it can feel like there’s no way out — but for residents of Scotland there are real, practical routes to clearing or reducing what you owe, without taking on a new loan. We’ll explain each one honestly, including the risks.
The solutions we advise on are debt solutions, not loans; some are forms of insolvency, are recorded on a public register and will affect your credit rating. Your initial advice is free and there’s no obligation; if you go ahead, fees apply and are shown to you in full first. We’re a commercial service — free, independent debt advice is also available from MoneyHelper and the Scottish Government.
If you’re only ever making minimum payments and the balances never seem to move, it’s easy to feel stuck. The good news is that there are established ways to get out of debt in Scotland — and none of them involve borrowing more money.
For most people it comes down to three routes. A Debt Arrangement Scheme (DAS) lets you repay in full through one affordable payment with interest frozen. A Protected Trust Deed can write off qualifying unsecured debt you genuinely can’t afford (subject to creditor agreement, and not guaranteed). And sequestration — Scottish bankruptcy — can write off most unsecured debts as a last resort.
Which is right depends on how much you owe, what you can afford and your wider circumstances. We’ll talk you through all of them, including the downsides, so you can choose with your eyes open.
Instead of lending you more, we look at what you can realistically afford and set up a single monthly payment towards clearing your debts.
We go through what you owe and what you can afford, with no judgment, to find the routes open to you.
Your unsecured debts are brought into a single monthly payment based on your surplus income — often lower than you pay now.
Depending on the route, you either repay in full with interest frozen, or have qualifying debt you can’t afford written off at the end.
Free, confidential advice with no obligation. Find out in minutes how you could get out of debt.
See if you qualify →For the right person, these solutions offer real relief. Here are some of the main advantages.
Bring your unsecured debts together into a single monthly payment based on what you can realistically afford.
We deal with your creditors directly, so you no longer have to liaise with them yourself.
Once your solution is in place, interest and charges on the debts included are frozen so the balance stops growing.
Dealing with Scottish debt is all we do, so the advice you get is tailored to the solutions available where you live.
These are debt solutions and some are forms of insolvency — serious commitments. We’ll fully explain the implications and check any solution is affordable, achievable and suitable for you. Another option may be more appropriate.
A Trust Deed or DAS will affect your credit rating and can make obtaining credit harder for a period. If you’re already missing payments, your rating is likely affected already.
A Protected Trust Deed is a form of insolvency recorded on the public Register of Insolvencies, which anyone can search. A DAS is recorded on the DAS Register.
Only unsecured debts (such as credit cards, loans and overdrafts) can be included. You must keep paying secured debts like your mortgage yourself.
With a Trust Deed, how much unsecured debt is written off depends on your circumstances and your creditors’ agreement. Creditors are not obliged to accept a proposal.
In a Trust Deed the trustee has an interest in any equity in your home. Where appropriate this can be managed, but if equity can’t be released your home could be affected.
No single solution is right for everyone. We’ll always check whether another route — or free, impartial advice — would serve you better first.
If the following sounds like you, one of these routes out of debt could be worth exploring. There are other factors we’ll assess, such as your property status and income.
Many people are on a clear path out of debt within around four years, depending on the route that suits them.
Check if you qualify Free initial advice · No credit check to explore your options · Fees apply if you proceed and are shown in full firstYour initial advice is free and there’s no obligation. Trust-Deeds.co.uk is a trading style of My Debt Plan Ltd — a commercial, profit-seeking service, paid for the debt solution you enter into.
If you go ahead with a Protected Trust Deed, your trustee is paid a fixed administration fee plus a further fee based on a percentage of the funds collected during the Trust Deed. These fees are paid from the monthly payments you make, before money is distributed to your creditors — so there is no separate upfront fee. On a Debt Arrangement Scheme, a fee is taken from your monthly payment to cover administering and distributing it to your creditors. Whichever route suits you, all fees are explained and disclosed to you in full before you sign anything.
Depending on your circumstances, one of these Scottish solutions will suit you better than the others — we’ll always explain the advantages, disadvantages and risks of each.
A Scottish alternative to bankruptcy for unsecured debts over £5,000. One affordable monthly payment, typically over around four years, after which qualifying unsecured debt you can’t afford is written off (subject to creditor agreement, not guaranteed). A form of insolvency recorded on a public register.
Learn about Trust Deeds →A Scottish Government scheme to repay your debts in full through one affordable payment, with interest and charges frozen and your home and car protected as long as you keep up the payments. It will still affect your credit rating.
Learn about DAS →The Scottish form of bankruptcy. Most, if not all, unsecured debts are written off and creditors must stop contacting you, but it’s recorded on a public register, affects your credit rating and carries restrictions while you’re bankrupt.
Learn about sequestration →Find out in minutes how you could get out of debt — without a new loan. It’s free, confidential and there’s no obligation.
Answer a few quick questions about your situation and a debt advisor at My Debt Plan Ltd will be in touch to talk through your options. It’s free, confidential and there’s no obligation.
See if you qualify →Prefer to speak to someone? Call us on
0161 464 0870Mon–Fri 9am–5pm · Private & confidential, no obligation
Free, independent debt advice is also available from MoneyHelper, StepChange, National Debtline or Citizens Advice Scotland.
Straight answers to the questions people ask most before choosing a Scottish debt solution.
Facing your debt is the first step towards dealing with it. Free, confidential guidance — with no judgment and no obligation.
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