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Frequently asked questions about debt (FAQ)

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If you have any specific questions you would like us to answer, please call our team on 0333 9999 600 or email us at advice@thedebtadvisor.co.uk

Debt can be a complicated and confusing subject at times. But to help, we’ve answered some of the most frequently asked questions about debt solutions.

IVA
Debt Managment
Bankruptcy
DRO
Sequestration (Scotland)
DAS (Scotland)
Trust Deeds (Scotland)

IVA FAQ

Can an IVA protect my house?

An IVA prevents creditors from taking action against you and your property. However, before the end of the IVA it may be necessary for you to introduce a sum of money into the arrangement in place of a proportion of your share of equity in your property. This is normally done by raising money on your property either as a remortgage or a secured loan. The refinancing needs to be affordable and there are terms which restrict any increase in your mortgage or secured loan payments to not more than 50% of your contribution. If refinancing is not possible, you are generally able to extend the arrangement for a further twelve months during which you time you pay additional contributions in place of equity.

How do the IVA fees get paid?

As soon as you decide to proceed with an IVA then your payments to creditors cease and contributions towards your IVA start. These will be set at a figure which you have agreed you can afford. It takes around 6 – 8 weeks to set up an IVA and the contributions made prior to approval of the IVA, will be treated as a deposit towards our Nominees fees. Once your arrangement is approved you will only pay the monthly contributions agreed by your creditors.

The Nominee’s fee will vary depending on the complexity of the IVA but typically are between £1,000 and £2,000 for IVA’s which are not complex. The Supervisory fees are normally capped by creditors at between 15 and 20% of realisations.  The Supervisory fees are drawn monthly from the monthly contributions. All fees will be discussed in detail with you prior to any plan being put in place. (If creditors reject the IVA proposals we do not seek to recover the balance of the Nominee’s fee from you).

Do I need to make payments to my creditors during the set up stage?

Your balances are likely to increase during the set up stages of your IVA; however they will be included in the arrangement. Relevant rules issued by the Financial Conduct Authority recommend that you immediately notify your creditors that you are proposing to enter in to an IVA and are following our advice to stop payments direct to them. We will immediately write to all of your creditors to let them know of your decision. You may if you wish, maintain contractual/token payments to creditors during this drafting stage of your IVA; however this is not a requirement as your creditors will be notified of our involvement as soon as we receive your consent pack which often takes the pressure away from you.

Is my IVA likely to be approved?

Yes, we would not recommend an IVA as a solution if we did not believe it had more than a reasonable chance of being approved. It would be unfair to you and a waste of everybody’s time and energy. It is rare for any of the IVA’s that we assist with to be rejected as creditors are generally willing to negotiate.

However, if the IVA is not approved you can put forward other solutions to your creditors including debt management and also bankruptcy. We will continue to help you.

How does this affect my credit rating?

An IVA will be on your credit record for six years which is the same length of time as any other adverse credit is recorded.

Will I still be able to obtain credit?

The IVA proposal normally states that you can only get credit if your Supervisor allows you to do so. This does not normally apply to individuals in business who can demonstrate that they need credit to be able to continue trading.

Will an IVA effect my employment?

In the majority of cases, an IVA will not affect your employment. However, an IVA could have a negative effect on certain types of employment, for example Approved Persons under FCA regulation. Our advisors will guide you and advise you of any likely affect during your consultation.

Will my creditors stop contacting me?

Yes, once your IVA is approved all further contact from creditors should cease. It may take a while for creditors to amend their systems but within 1 to 2 months of the IVA starting, all communication from your creditors will stop. Creditors are legally bound into the terms of an IVA, consequently preventing them from pursuing you for the debt.

Can my arrangement be brought to an early conclusion?

Yes, we can convene a variation meeting to offer a sum of money in full and final settlement of your obligations under the IVA. The sum of money could be raised by:

  1. Remortgaging your property
  2. Funds from a relative
  3. Cash in policies (Subject to getting you expert investment advice)

Creditors are likely to agree to accept a lump sum to bring the arrangement to an early end if you can show that you are paying creditors as much as you can afford.

What happens if I can't pay my contributions?

If you find you cannot maintain your payments, your IVA terms will normally allow your Supervisor to agree to reduce your contributions or allow a payment break. It is important that you keep in touch with your Supervisor if you struggle to meet your contributions. We understand that most of us encounter unforeseen problems and we need to know so that we can help.

Who gets to know about my IVA?

Unlike bankruptcy your IVA is not advertised in a newspaper. Your employer will not know unless you choose to tell them. Your IVA is registered on the Insolvency Services register which is picked up by credit reference agencies and as such will be noted on your credit record.

DEBT MANAGEMENT FAQ

Will I be taking out a new loan to clear my other debts?

No. A Debt Management Plan is a way of helping you make affordable payments to your existing creditors. The Debt Advisor Ltd cannot provide you with a loan.

How does it work?

Firstly we accurately assess your circumstances and make a provision for priority debts. If we establish that you cannot afford to meet minimum contractual payments, we will advise you on all appropriate options. If the debt management plan is the most suitable solution we will negotiate and agree a payment plan with your creditors. You will make one monthly affordable payment which we will distribute to creditors on your behalf on a “pro-rata” basis.

Who will look after my account?

We have a dedicated team of debt advisors who will be there to aid and assist you through your debt management plan.

Will you be dealing with every company I owe money to?

There are debts which are regarded as “priority” debts which include your mortgage, rent, utilities and council tax. You will continue to pay these each month and if there are arrears to priority creditors, we will make sure that your plan includes payments to clear the arrears. You can then increase your payment into your DM plan when your arrears are cleared.

Will my creditors/lenders definitely accept your proposed plan?

Creditors and lenders do not have to accept our proposals. In our experience, the majority of our debt management plans are accepted by creditors and they do not resort to action. All you need to remember is to let us know immediately of any threatening calls or letters, or any legal documentation so we can guide you and help you take action appropriately.  If it becomes apparent that creditors are looking to take action, it may be appropriate to consider a formal debt solution such as an IVA or bankruptcy.

Will I have to pay for longer due to the reduced payments involved?

This is possible; however, the payments will be affordable every month. The creditors are not obliged to accept your offer of repayment through this plan or freeze interest and charges, and if they do not, it may take longer and cost more for you to repay the creditors in full due to the possibility of additional fees and charges.

What happens if I fail to make a payment?

It is highly likely that your creditors would withdraw their support of the plan and may commence legal proceedings.

Will my creditors stop contacting me?

A DMP is an informal solution so there is no legal obligation on creditors to stop contact or freeze interest and changes, however in the vast majority of cases, we manage to achieve this with them.

Can I, and should I, deal with my creditors myself whilst in the plan?

You can if you wish; however, there are a few factors to consider. Dealing with your creditors can be a time consuming and stressful process, which requires you to maintain regular contact with them, therefore the service that we provide takes this pressure away from you. We are here to ensure your solution is appropriate for you and managed effectively, up until your debts have been cleared or an alternative solution becomes more appropriate for you.

What do I pay the fees for?

You are paying for a professional service and employing our skill and expertise. The set up fee you pay covers the work we undertake to set up your plan, which includes drafting your debt management plan, sending this out to creditors, liaising with creditors to gain their acceptance to the plan and dealing with creditor’s queries.  The management fee covers the following: conducting 6 monthly reviews, a dedicated team of advisors to help you with any queries, handling any letters or emails you may receive, ongoing negotiations with your creditors to ensure your plan runs smoothly, handling letters, e-mails and phone calls from your creditors, distributing your monthly payment to your creditors, assistance with legal action that may be taken by your creditors, and our Customer Portal available to you 

Will I be charged if I change my mind?

There is a 14 day “cooling off” period from the date you accept The Agreement Terms. If you decide to not continue with the plan within the first 14 days, we will refund your payment, unless a distribution has already been made to your creditors.

When will my plan be reviewed?

We review your plan every 6 months and take into account any changes in your circumstances. If your situation changes in any way, we would ask you to contact us immediately. If your situation has worsened we will write to your creditors to negotiate a new affordable repayment plan, or discuss an alternative solution with you.

How long will my plan last?

Each plan is individual to each customer’s financial circumstances. Due to the fact you are paying less than the original contracted payment to each creditor, the term to repay the debt will be longer but the repayments are more affordable.

What happens if I have any CCJs and you have to go to court to reduce the monthly instalments?

You may have to pay £50 to apply for a variation order. This is a charge levied by the court none of which is retained by The Debt Advisor Ltd.

Will my employer find out?

If you are already in employment, your employer may decide to perform a credit check. This could reveal that you currently have an arrangement with your creditors; generally, it is unlikely to affect your employment.

If you are seeking new employment, there are some organisations that perform a credit check as part of the recruitment process to establish whether or not you are having financial difficulties. This check will not necessarily affect your chances of employment.

Employers must obtain your permission to perform a credit check.

Important Information

All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to set up your plan and maintain it – all fees will be outlined during your consultation. Retained payment may place you further into arrears. You have the right to a cooling off period of 14 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term. 

The Insolvency Service website has helpful information at https://www.gov.uk/options-for-paying-off-your-debts/overview to support those who find themselves in financial difficulty.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper Website.

BANKRUPTCY FAQ

How long will I be bankrupt for?

You will receive an automatic discharge within 12 months from the date you are declared bankrupt. That is unless your discharge is suspended because you have not cooperated with the person administering the bankruptcy – the Trustee.

However, if you are felt to have accrued the debt culpably, recklessly or dishonestly then you may be subject to a Bankruptcy Restriction Order (BRO) for between 2-15 years.

What are the restrictions imposed on me whilst bankrupt?

During the time in which you are bankrupt and in which any BRO’s apply, you are prohibited from being a director of a company. Also, if you are self employed, then you cannot trade in any other name apart from your own and you cannot apply for credit for more than £500 without declaring your bankrupt status. There may also be some restrictions imposed on your profession, especially if your job involves working with money or holding a professional licence.

Do you charge for helping me file for Bankruptcy?

If you feel as though Bankruptcy is the only option and you would like us to assist you, we charge £500 +VAT for assistance in preparing the debtors petition paperwork and £600 +VAT if you have a pending charging order.

Will I have to pay anything back?

If you are deemed to have a surplus income, after providing for the reasonable cost of living, then you will be asked to make a contribution towards the bankruptcy for a period of three years. Contrary to what many people think, you are allowed enough money to pay for your reasonable living costs. By completing our debt calculator you will be able to calculate your surplus after providing for living costs.

Can I be forced to sell my home or any of my belongings?

Personal possessions of a reasonable nature are excluded from bankruptcy; these include your household possessions and tools of the trade which usually includes your car if you can demonstrate that you need the car to get to work. The Trustee is entitled to ask you to downgrade an item if they feel it is extravagant and introduce funds raised into your bankruptcy. For example if you have a car on hire purchase, which is judged to be too expensive and consequently affects the amount your creditors would receive, then you will be asked to trade it in for a cheaper vehicle.

Assets which have value including your equity in any property, in excess of £1,000, will have to be realised to pay creditors. The money is generally raised either through remortgaging the property, or if that is not possible, by selling the property. If the amount you need to raise is relatively small, it is always worth considering if family can help you raise the necessary sums to prevent the sale of the property.

Is it possible to include ALL debts in bankruptcy?

Bankruptcy is binding on all creditors including credit card debt, utilities charges , council tax, Revenue debts including overpaid benefits, VAT, Self Assessment Tax or PAYE/NIC plus shortfalls on the sale of property. Matrimonial, criminal and student debt do, however, survive bankruptcy and remain your responsibility after discharge.

How will bankruptcy affect my credit rating?

Bankruptcy will remain on your credit records for a period of 6 years. Once you receive your discharge it will be recorded on your credit profile; this may not be done automatically therefore it is beneficial to ensure your credit file is always kept up to date. During the time you are bankrupt you are prohibited from obtaining credit for more than £500 without declaring your bankrupt status.

With bankruptcy on your credit record, it is likely to affect your ability to obtain credit, bank accounts with a cheque card and possibly even certain types of employment.

Once it is off your record then you can start to rebuild your credit, for example by obtaining a small overdraft facility and making sure you do not exceed your limit. If you established a reliable record with your bank, and you do need additional finance, the bank may be prepared to consider a loan.

Once you have begun to rebuild your credit you should be able to apply for prime rates again and then transfer balances from the sub-prime lenders you have been using.

Will I be allowed a bank account?

When you are made bankrupt your existing bank will be informed and your account may be frozen. It is worth approaching your Trustee to obtain his/her permission to unfreeze your bank account especially if you have no other bank account into which you can pay your wages. We recommend that prior to submitting your petition, you draw sufficient monies out of your account to cover your monthly outgoings for at least 1 month. There is no restriction on operating a bank account but you will not be allowed an overdraft facility, cheque book and or even a debit card. For help finding a bank that will open an account, see the Basic Bank Account Matrix.

Other Important Information

All debt solutions should be very carefully considered particularly Bankruptcy. There are other solutions which could be appropriate including IVA, Debt Management, Debt Relief Order, Dealing Direct with your Creditors. If you live in Scotland, please do visit our information on Scottish Solutions.

Fees will be charged if a solution is taken in order for us to set up your plan and maintain it – all fees will be outlined during your consultation. For further information on fees, please see the FAQ section of the different solutions available. Retained payment may place you further into arrears. You have the right to a cooling off period of 14 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term. Calls to our free phone number from mobile phones and other networks may be charged.

The Insolvency Service website has helpful information at https://www.gov.uk/options-for-paying-off-your-debts/overview to support those who find themselves in financial difficulty.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper Website or 0800 138 7777.

DEBT RELIEF ORDER FAQ

What if my debts are near the £30,000 limit?

Creditors can add interest and charges to your debts up until the date the Official Receiver approves your DRO, therefore your debts could increase and near the £30,000 limit when you start the application process.

You need to think about the following ideas and get further advice:

  1. Check what sort of debts you have. Some creditors may not be adding extra interest and charges. But you may have a credit card or a store card which has a high interest rate that is building up each month.
  2. Think realistically about how long it will take you to save up the money for the fee, as you may miss your chance to apply for a DRO if your debts grow to more than £30,000.
  3. Can you ask a charity to help with the fee to speed the process up?
  4. Can you persuade your creditors to freeze the interest? You can send your creditors the sample letter and ask them to hold action on your account whilst you apply for a debt relief order. However, this letter should only be sent to your creditors when you are at the stage of completing your DRO application.
  5. Can you make payments to your creditors to prevent the debts reaching the £30,000 limit? (You need to be careful to treat all your creditors fairly if you decide to do this.)
What happens if after a DRO is granted my debts increase above £30,000?

Your DRO will be revoked and if it is found that you knew your debts were potentially higher than £30,000 before the application.

What happens if after a DRO is granted my debts increase above £30,000?

Your DRO will be revoked and if it is found that you knew your debts were potentially higher than £30,000 before the application.

What are the restrictions of a DRO?

The restrictions of a DRO mean that you cannot:

  1. Borrow more than £500 without telling your lender about your DRO
  2. Act as a director of a limited company
  3. Create, manage or promote a company without the court’s permission
  4. Manage a business without telling your suppliers about your DRO
Are my details kept on a register and for how long?

Yes your details are entered onto the Individual Insolvency Register for the period of the DRO. Usually this is for 12 months unless the period is extended due to careless of dishonest behaviour. You will be asked to agree to a Debt Relief Restrictions Undertaking” but you could face a “Debt Relief Restrictions Order” if you don’t agree. DRRU’s and DRRO’s are rare.

Am I notified of the end of a DRO?

You will not receive any confirmation that the DRO has come to an end. If you want evidence that your DRO has ended, you can print off a copy of the entry into the Insolvency Services Individual Insolvency Register which will note the end date.

What if a creditor chases me for a debt which was covered by the DRO?

Your DRO adviser should be able to provide you with a copy of your DRO application. This together with a copy of the Insolvency Services Register should be adequate to persuade the creditor that the debt has been dealt with by the DRO and it should now be written off.

Other Important Information

All debt solutions should be very carefully considered particularly Bankruptcy. There are other solutions which could be appropriate including IVADebt ManagementBankruptcyDealing Direct with your Creditors. If you live in Scotland, please do visit our information on Scottish Solutions.

Fees will be charged if a solution is taken in order for us to set up your plan and maintain it – all fees will be outlined during your consultation. For further information on fees, please see the FAQ section of the different solutions available. Retained payment may place you further into arrears. You have the right to a cooling off period of 14 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term. Calls to our free phone number from mobile phones and other networks may be charged.

The Insolvency Service website has helpful information at https://www.gov.uk/options-for-paying-off-your-debts/overview to support those who find themselves in financial difficulty.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper Website or 0800 138 7777.

Sequestration FAQ

What is Sequestration?

It is a legal order which confirms to your creditors you are unable to repay the money you have borrowed.  It involves you agreeing to pay what you can afford for 48 months and your Trustee gathering in your assets which are not excluded.  These assets are turned into cash to cover the costs of bankruptcy and your debts.

How long will a sequestration last?

Provided you co-operate fully, your discharge at the end of one year. However, you will be required to make monthly contributions payments for a further period of three years.

Can I include my student loan?

You are unable to include your Student Loan if it is covered by the Education (Scotland) Act 1980 c.44.

What are the criteria for a Sequestration?

You need to be able to demonstrates you are unable to pay your debts as they become due. There is no charge to obtain this certificate.

Most money advisers, insolvency practitioners and some people who work for insolvency practitioners are authorised to issue this certificate.

What is the difference between Minimal Asset Process (MAP) and Full Administration?

Minimal Asset Process (MAP)

This is a process available for people with little assets. You must;

  • Owe at least £1,500
  • Owe no more than £25,000
  • You do not own a single asset worth more than £1,000
  • You live in Scotland or have lived in Scotland for the last year
  • Not been bankrupt through the Minimal Asset Process in the last 10 years
  • Be only receiving benefits or you have no surplus income which has been assessed by a money adviser
Can you tell me more about the full process for either?

The process and the cost for both solutions can be viewed in our Scottish Solutions Bankruptcy Also called Sequestration section

What happens if I receive money as a gift?

If you are given money as a gift, you must inform your Trustee.  Depending on the amount your Trustee may require you to make this available for your creditors.  You must also inform your Trustee of any changes to your income.

Will I be allowed to hold a bank account?

There are some banks that will provide a basic bank account service and your Trustee can provide details. However certain banks will not allow individuals to maintain an existing account after sequestration, even if you do not owe them money.  In some cases, if you have a joint account in which one party has been declared bankrupt, the bank may insist on that account being closed, and both parties opening a new account.

Important Information

All debt solutions should be very carefully considered.  If you are based in Scotland, struggling with debt issues and need advice on your options, we are happy to refer you to appropriately regulated debt solutions practices who can offer advice on all solutions.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper Website or 0800 138 7777.

Debt Arrangement Scheme FAQ

What is a Debt Arrangement Scheme (DAS)?

DAS is a government managed solution which allows you to repay your debts through a debt payment programme (DPP). The DPP will allow you to pay off your debts over an extended period of time while giving you protection from your creditors taking action against you to recover the debt in the DPP.

How long will it last?

The DPP can last for any reasonable length of time and, if approved, will freeze all interest and charges on the debt included, resulting in them being waived if you fully complete the DPP.

Am I Eligible for a Debt Arrangement Scheme?

To be able to participate in a DAS you need one or more debts and meet the following criteria:-

  • Be habitually living in Scotland
  • Want to repay your debt without the threat of creditors taking action
  • Have a reasonable level of surplus income after deducting your reasonable household living costs
What happens to my other Debts?

You must continue to meet your other commitments such as mortgage payments, rent and utility bills during the duration of the DPP. The DPP makes a pro-rata offer of payment to creditors. When the DPP is completed, creditors will have received at least 90% of the debt they are due.

How much of my debts will a creditor receive?

When the DPP is completed, creditors will have received at least 90% of the debt they are due.

I am in a Protected Trust Deed, am I eligible for the Debt Payment Programme?

You are not able to apply if you are in a Protected Trust Deed, are bankrupt or are subject to a bankruptcy order.

Who provides this service?

To access a DAS scheme you need to seek advice and assistance from a DAS approved money advisor.  The Debt Advisor do not offer the DAS, however we work alongside regulated companies that can offer advice on all appropriate solutions.

What if my circumstances change?

If your circumstances change in any way, and you are struggle to meet your monthly contributions, get in touch with your  Money Advisor who can assess your situation. They may take the decision to apply, on your behalf, to the DAS Administrator for a payment holiday or a variation to reduce the level of your payments, depending on the severity of your circumstances.

If I miss a payment can my creditors take legal action against me?

As long as your missed payment is as a result of an agreed payment holiday, then, subject to certain conditions, your creditors are still prevented from taking legal action against you.

Can a DAS affect my credit rating?

DAS will have a negative impact on your credit rating until debts have been satisfied.

Important Information

All debt solutions should be very carefully considered.  If you are based in Scotland, struggling with debt issues and need advice on your options, we are happy to refer you to appropriately regulated debt solutions practices who can offer advice on all solutions.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper (Scotland) on 0800 138 7777 or by visiting their website.

Trust Deeds FAQ

Am I eligible for a Trust Deed?

The criteria for a Trust Deed includes:-

  • You live in Scotland or you have lived there in the past year
  • Demonstrate you cannot afford to pay your debts in a reasonable period of time
  • You must have unsecured debts of at least £5,000 for a Trust Deed to become protected
What kind of debt is suitable for a Trust Deed?

A Trust Deed may be an ideal solution if you have unsecured debts of more than £5,000. It can be used for unsecured debts including bank loans and overdrafts, store and credit cards, credit union and payday loans.

What kind of debt is not covered in a Trust Deed?

Mortgages, secured loans or hire purchase debt cannot be included in a Trust Deed as the debt is secured against that asset.

What does it cost?

The fees charged by your Trustee should be explained to you upfront.  Creditors voting on trust deeds will frequently cap the level of fees that your Trustee can charge. The fees come out of your contribution and after deduction of fees and expenses, creditors will get the balance.

Will I have to tell my employer?

No. A Trust Deed is a private and confidential matter between an individual, their Trustee and their creditors.  However, before entering any debt solution please check your contract of employment as you may be in breach of your contract if you enter into a Trust Deed.

What Happens to my property?

If you have a property and there is equity in the property, your trust deed will normally require that your share of equity is paid into your arrangement. This can be done by remortgaging your property or for a 3rd party sum to be paid on your behalf. The value of your equity (the difference between the value of the property and the amount you owe to the secured lender(s)) is determined at the start of the Trust Deed.

What happens when I sign a trust deed?

When you sign a trust deed your trustee will:

  • advertise your trust deed in the ‘Edinburgh Gazette’. The ‘Edinburgh Gazette’ is a newspaper used by the credit industry. This means that your trust deed will come to the notice of organisations like banks and credit reference agencies;
  • write to all your creditors and ask them to agree to your trust deed; and
  • if a sufficient proportion of your creditors agree to your trust deed, your trustee will send a copy of it to the Accountant in Bankruptcy.

The Accountant in Bankruptcy will record your trust deed in the Register of Insolvencies. The Register of Insolvencies is a public record. Once your trust deed is protected your creditors can no longer take legal action to recover their debts.

How does my trust deed become a protected trust deed?

Your trust deed will become protected if a sufficient proportion of creditors agree to it. You need agreement from at least half of your creditors and the creditors who agree must be owed at least one third of your total debt. Creditors who do not reply to your trustee within 5 weeks of the date of the advert in the ‘Edinburgh Gazette’ are treated as if they had agreed.

What if creditors do not accept my proposals?

If your creditors object and your trust deed does not become protected, they can take you to court to get back the money that you owe to them. They can ask the court to make you bankrupt.

They can only ask the court to make you bankrupt if they can prove that bankruptcy would be a fairer deal for them. However, this is unlikely because the trustee of a trust deed deals with contributions and assets in just the same way as they would in bankruptcy.

Can I arrange my own Trust Deed?

No.  A Trust Deed must be arranged by a licensed Insolvency Practitioner.

Will it Affect My Credit Rating?

Your credit rating will be affected for 6 years from the date your Protected Trust Deed “PTD” is approved. You cannot borrow more than £500 whilst you are in a PTD without notifying your creditors you are in a PTD. Before you borrow anything, you should discuss this with your trustee.

Important Information

All debt solutions should be very carefully considered.  If you are based in Scotland, struggling with debt issues and need advice on your options, we are happy to refer you to appropriately regulated debt solutions practices who can offer advice on all solutions.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper (Scotland) on 0800 138 7777 or by visiting their website.

The Debt Advisor Ltd is regulated by The Financial Conduct Authority. This means we are able to offer debt advice and deliver both formal and informal solutions. Debt solutions need to be carefully considered and you must take independent debt advice. We hope that the information and debt advice on this site will help inform you.

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