Hi JudithBrown and welcome.

I've edited out your email address. Experience suggests you'll hear from people you don't want to.

I have to go into a meeting now but will post back later. Hopefully someone else will beat me to it before then.

Hi Judithbrown

Your post reminds me why Scotland introduced the DAS scheme. The problem with Debt Management Plans is the uncertainty of the whole thing and there are no guarantees that interest will be frozen, legal action stopped etc.

I think anyone looking for advise on resolving debt issues should be advised of the 3 options in Scotland. DAS, Trust Deed and sequestration. Each of the options will provide a start date and an end date and more importantly confirmation when the option has been finalised, then creditors cannot come back and look for balances, interest etc.

All 3 options provide a clear way forward with a definite time period and on this basis, I would urge anyone seeking help to look at these 3 options only. Best advice is to sit down with an IP who will discuss the pros and cons of each option as this will give you something to discuss and research before making any decisions.

Mark

Hi JudithBrown,

I'm really sorry and disappointed to read that after 14 years of trying to deal with your debts in a positive way you are no further forward.

The first thing I would say is that there are solutions to your problems so try to remain positive!

I assume that you entered into a Debt Management Plan with B&E. A DMP is a plan which doesn't really have any teeth or power over the creditors and really is just an informal repayment plan.

Do you have any idea how much debt you have outstanding against you at the moment? To find this out you can carry out a credit search which should show the majority of your commercial debts i.e. loans, credit cards etc. You can use Experian, Equifax and Call Credit. Experian and Equifax have a free 30 day trial which you can use and then cancel after this and it won't cost you any money. This will show what your debts currently stand at. Call Credit is free to use. My own preference is for Experian as I found this to be the most user friendly.

Once it's established how much debt you currently have we can then look at what options may be suitable for you. This could be a Trust Deed, Sequestration or a Debt Arrangement Scheme. The benefit to all these of these options is that they have legislation behind them, then can freeze the interest and charges on your debts and they will give you a guaranteed timescale from start to finish.

Do you have any assets i.e. own your own home, an expensive car etc? The three options I mentioned above have different implications for assets that you may own.

The best way forward is to sit down with a couple of qualified debt advisors from different firms and work through your full financial situation. By doing this with a couple of advisors you will then be able to decide which advisor you feel most comfortable with and also how much you trust the advice you have been given as I assume you're going to be very cautious given problems in the past. Once you have done this you can then pick which option you feel best suits your circumstances. The most important thing to do is get everything in writing if you do decide to proceed with a plan regarding timescale, monthly payment and what will happen to any assets that you may own.

As I said though, you do have solutions to your problems it's just figuring out what ones suit your circumstances.