The range of debt solutions in Scotland is very different to those used in the rest of the UK. Trust deeds are the closest equivalent to an IVA, though trust deeds actually have quite a few differences.
The debt arrangement scheme in Scotland is a kind of debt management plan but backed up by legislation meaning there can be no further interest or legal action. Unlike protected trust deeds, the debt arrangement scheme does not take your home into account.
Bankruptcy is quite similar in Scotland to how it works in the rest of the UK. It is sometimes known as sequestration. There are still some differences though.
There is no such thing as a debt relief order in Scotland. Trust deeds in Scotland and sequestration are the only types of insolvency for an individual.
Because the solutions are quite different it's important that people needing debt advice in Scotland make sure they speak to a specialist who properly understands Scottish trust deeds, the debt arrangement scheme and sequestration. One good place to find debt advice Scotland experts can be a forum where you can ask questions from the comfort of your home. |