- There are many advice agencies in the charitable sector, or debt advisers working from local authority outlets across Scotland, who can provide an excellent source of free, impartial advice about your options. You can search for the services closest to you via the MoneyHelper
- Insolvency practitioner firms can also advise you and are likely to be particularly useful if you think a Protected Trust Deed may be your preferred route, as only an insolvency practitioner (IP) can set up and administer this solution for you. Whilst IP firms can provide advice without needing to be authorised by the Financial Conduct Authority (FCA), we would recommend finding one that is, otherwise they would not be able to set up other non-insolvency solutions such as DAS, which may actually be more suitable for you depending on your circumstances. (NB All of the firms represented by the experts on this site have FCA authorisation).
- Steer clear of firms that may not be authorised to give debt advice yet push particular solutions (usually Trust Deeds/IVAs) before they even know anything about your situation. The process should always be about understanding your financial and household circumstances first and then presenting you with all suitable options and explaining what is involved with each, so that you can choose for yourself which you prefer.
If you are struggling with debts and need a solution, it isn’t easy to know where to start.
Finding impartial and expert advice is key, as well as knowing what questions you should be asking and what pitfalls to avoid.
The Trust-Deed.co.uk forum has been running since 2007, over which time thousands of real people living in Scotland have shared their issues and experiences of setting up and of being in a formal debt solution, whether a Trust Deed, Sequestration (Bankruptcy) or the Debt Arrangement Scheme (DAS). Combined with the detailed knowledge provided by insolvency experts from various different firms, we believe the practical resource and guidance our site can provide is unparalleled as a result.
Of course, we wouldn’t expect you to read through the whole forum in order to find out what you need to know, which is why we have tried to distil the most important information and tips into this handy guide.