Write off up to 81% of your unsecured debt*

Scottish Debt Advice is a trading style of Carrington Dean Group Limited. The initial fact-finding and advice call is free. That call will explore all possible debt solutions applicable to you, whether these can be provided by Carrington Dean Group Limited, Creditfix (which is part of the same group) or by a third party. 

If you live in Scotland, a Trust Deed or the Debt Arrangement may be a suitable solution for your circumstances. These solutions will be provided by Carrington Dean Group Limited and fees will apply.

If you’re a resident in England, Wales or Northern Ireland, an Individual Voluntary Arrangement (IVA) may be a suitable debt solution. An IVA will be provided by Creditfix and fees will apply.

Yes, solutions including a Trust Deed, the Debt Arrangement Scheme and an IVA will have an adverse effect on your credit rating. These arrangements will show on your credit report for six years after approval. However, it’s important to note that this is the case for most debt solutions and your score will likely have already been affected by being in debt in the first place.

In most cases, entering a debt solution won’t affect employment. However, in certain professions, such as accountants and solicitors, being in an insolvency solution may mean that you can no longer practice.

Creditors can’t continue to contact you to encourage you to make payment when you enter the Debt Arrangement Scheme or when your Trust Deed becomes protected. The same applies for an IVA.

A debt solution, like a Trust Deed or the Debt Arrangement Scheme, can be a positive way to manage unaffordable unsecured debt and allow you to better manage your monthly finances.

In both of the above solutions, a single monthly payment is agreed with your current financial situation taken into consideration – this payment is then divided between the people you owe money to. During the course of your plan all interest and fees associated with your debts are frozen.

At the end of a Trust Deed, an agreed percentage of your unsecured debt included in the Trust Deed will be written off. You’ll repay your debt in full through the DAS.

Advantages of entering into a debt solution, such as a Trust Deed, the Debt Arrangement Scheme or IVA include:

• Once your arrangement is approved (and protected in the case of Trust Deeds), no further action can be taken against you by your creditors to pursue debts owed.
•  A debt solution can help prevent bankruptcy by consolidating debts.
• Freezes interest on debts included in the arrangement. 
• Establishes a clear repayment timeline.
• Repay what you owe with one single, affordable, monthly payment.
• A Trustee will manage your Trust Deed or Debt Arrangement Scheme or an IP will manage your IVA, including dealing with all creditor correspondence and queries.
•  All remaining debts included in a Trust Deed or IVA will be written off at the end of the arrangement term.
•  Sole traders may be able to include business debts in the Debt Arrangement Scheme.

When you’re considering entering a debt solution, it’s important to be aware of how it could impact your life. When you enter either a Trust Deed or the DAS you should be aware that:

• Your credit rating will be affected adversely.
• A notice of the arrangement will appear on a public register
• If you’re a home owner and your property has equity in it, you may be required to try to re-mortgage when in a Trust Deed.
• You could be at risk of bankruptcy if the arrangement fails
• A future remortgage may attract higher rates
• You will need to abide by spending restrictions when in a Trust Deed or IVA 
• The Trust Deed may not be approved by creditors
• Any unsecured debts not included in the debt solution will remain outstanding

An advisor will ensure you’re aware of the advantages and disadvantages to help you make an informed decision.

All of our initial advice is free; however, fees will apply should you decide to enter into an arrangement.

Fees will be taken from your monthly payment or asset realisations paid into your arrangement.

These will be discussed by an expert advisor to make sure you are fully aware of the costs involved.