Personal debt solutions

Our team of experienced, regulated debt advisers have been dedicated to helping Scottish residents solve their money problems and become debt free for over 70 years. We treat every case with respect and in the strictest of confidence. Whether someone is finding it difficult to pay their bills, credit card debts or mortgage, each member of our team understands how stressful being in debt can be. That is why our goal is to resolve debt issues as quickly as possible using the correct solution for the individual to help get their lives back on track.

The initial consultation is free

During the first consultation, one of our qualified debt advisers will listen then explain the options available, with no jargon!

There is more than one way to clear personal debts – and choosing the right solution can often be confusing. That is where we come in. Our trusted and trained debt advisers will listen, gain a clear understanding of the situation and give honest advice on the best way to clear the debts.

Debt advice and solutions

In Scotland there are several debt solutions available to help someone who is struggling with problem personal debt.

A Moratorium – can be put in place to stop creditors from taking action for six months under current emergency Covid legislation. While it is not a debt solution it is a way of providing some breathing space and receiving appropriate informed advice, in order to make the correct decision on how to deal with problem debt.

The Debt Arrangement Scheme (DAS) – allows someone to repay their debts over several years, freezing interest and charges and protecting assets, such as their home. Set up by the Scottish Government, the Debt Arrangement Scheme is a useful alternative to insolvency. It is an effective way of preventing aggressive court action being taken by creditors, and it allows people to manage their unsecured debts, taking back control.

A Protected Trust Deed (PTD) – is a form of insolvency. That might sound intimidating, but it is merely a formal agreement between the person and their creditors to pay back an affordable amount over a period of time – usually four years. There is an element of debt relief, and assets may be at risk. It is dealt with and run by a licensed insolvency practitioner, known as the Trustee, and they deal with all creditors on the person’s behalf. When a person signs a trust deed, they agree to make one affordable payment each month to their Trustee for the duration of the trust deed. At the end of this period, any remaining debt is simply written off, leaving them to get on with their life, debt-free.

Bankruptcy (Sequestration) – involves transferring assets into the care of a Trustee; appointed to pay off creditors as far as this is possible. Bankruptcy is a formal insolvency process under which someone’s estate transfers to their Trustee, known as “vesting”. The Trustee is appointed to take control of their financial situation as a whole and will realise assets where appropriate and liaise with their creditors with a view to paying a return to creditors where possible.

A person should only be applying for bankruptcy if all other avenues have been explored, and they are genuinely unable to meet their unsecured debts in any other way. If a person does go bankrupt, they will remain in that state for a minimum of 1 year. However, if able, they would be expected to make a contribution for four years. Their name and details would also be added to the Register of Insolvencies and remains on this public register for a period of 6 years.

Thomson Cooper are authorised and regulated by the FCA to provide debt advice. The team are led by Partner Richard Gardiner who holds an Insolvency Licence with the Institute of Chartered Accountants Scotland.

Great service!

“Great service from start to finish. Always answered my queries promptly and in a timely manner. Thank you all so much for the help and advice given.”

Personal debt client

Who to talk to

Richard Gardiner

Richard Gardiner

Partner

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