Compare debt solutions

How debt solutions compare

Compare all debt solutions available to you in Scotland and what the effects are of each.

 

  Debt Management Plan Debt Arrangement Scheme (DAS) Trust Deed Bankruptcy
Cost Usually no cost Usually no cost, all debts must be included. Fees apply, sometimes paid up-front. £200 application fee or £90 for Minimal Asset Process, other fees may apply.
What happens to the interest on my debts? Usually still accrues Frozen as long as you complete your DAS Payment Programme Interest still accrues is included as a debt in the trust deed. Interest still accrues but is included as a debt in the bankruptcy.
What happens to my home if I own it? Nothing, as long as you keep up your payments. However, creditors may still place an inhibition on your property, meaning you cannot sell or re-mortgage without their consent. Nothing as long as you keep up your mortgage payments. Your trustee may sell it. However, a formal agreement to exclude your property from the trust deed may be arranged. Your trustee may sell it or request you or an interested person buy out the trustees interest in any equity.
What is the effect on my debts? Your debts are not written off, they are usually paid in full. Your debts are not written off, they are usually paid in full. Most debts will be written off at the end of the trust deed. Most debts will be written off at the end of the bankruptcy.
Can my creditor take action? Yes. Debt Management Plans are not formal arrangements. Therefore, creditors do not have to agree to them. Not if you complete your programme. However, if your programme is revoked (you have not stuck to the conditions of the programme) - all interest, fees, charges will be added back on. Not if your trust deed is protected as long as you stick to the terms of your trust deed. No.
Will my employment be affected? No. No. Certain professions may be affected, a trustee will be able to advise if your job could be affected.

Certain professions may be affected, for example, Solicitors, Accountants, and Government Officials. This is not a full list.