News

Trust Deed versus Bankruptcy in Scotland

Struggling to choose between a Protected Trust Deed and bankruptcy in Scotland? Our comprehensive guide explains the key differences, helping you understand which debt solution might be more suitable for your circumstances. If you’re struggling with debt in Scotland, you might be wondering whether a Protected Trust Deed or bankruptcy (sequestration) would be the better […]

Will Other People Know I’m Using A Trust Deed?

Many people are concerned to keep the details of their financial problems private. Our own debt advisers are often advised by enquirers that they would prefer their spouse, family, friends or employer remain unaware of any debt solution they might enter. We’re generally able to reassure people that it’s pretty unlikely that such details will […]

What Is Disposable Income

If you’re thinking about tackling your debts, you may have read the phrase “disposable income”. In this article we explain what this means in respect of a personal insolvency (such as a Scottish trust deed or bankruptcy). We also explain the term in respect of debt rescheduling solutions, such as debt management plans or DAS […]

Vehicles and Protected Trust Deeds

If you reasonably need a car, you can keep one during the course of your Scottish trust deed. Your reasonable need to keep a vehicle might relate to your commute, working needs, taking children to school, or if you live remotely. Disability (and mobility) needs are also taken into account. The exact same principle applies to […]

Trust Deed expenditure guidelines

What is the Common Financial Tool? Since 2015, payments made into a protected trust deed in Scotland have been worked out using the Common Financial Tool. This tool is also used to work out payments into sequestration (Scottish bankruptcy) and debt arrangement schemes (DAS). They are not necessarily applied to a more informal debt management […]

Overtime, Bonus and Commission Payments

On April 1st 2015 the Common Financial Tool came into use for all formal debt solutions in Scotland. Advisers have to use this tool when recording income and expenditure details for their clients. It’s used for Scottish trust deeds, sequestration (bankruptcy), and the debt arrangement scheme. Trust deeds that began on or after 1st April 2015 […]

Self-Employed & Company Directors

Dealing with Debt While Running a Business This page is your guide to Scottish trust deeds for self-employed sole traders and for owner-managers of small limited companies (who may also be company directors). People who operate their own business are especially exposed to debt problems. The risks involved have been highlighted and further magnified during […]

Protected Trust Deed Register

Register of Insolvencies The Accountant in Bankruptcy (Scotland’s Insolvency Service) operates the Register of Insolvencies. This is the official register of personal insolvencies including protected trust deeds and bankruptcy. As well as recording current personal insolvencies, the register also includes recently discharged cases, moratoriums, and trust deed adverts. Anyone can use this online register to […]

Saving Money & Scottish Trust Deeds

It’s sensible to save money. We face one-off costs we didn’t expect. Our situation can change fast and without warning. Saved money protects us when these events occur. Having cash savings reduces our need to use credit. You will have little access to credit during a trust deed. Saving becomes your financial buffer. Saving During […]