Debt Advice in Scotland
You may think that debt advice and information would be the same throughout the UK but Scotland has its own legal system, and as such certain debt solutions are different than in England & Wales.
For example, if you’re a resident in Scotland, you will not be able to apply for an IVA, and bankruptcy comes under a different title, namely sequestration.
Here we’ll look at some of these main differences in more detail;
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Protected Trust Deeds – these are the Scottish equivalent of an IVA. One of the main differences between the two is the duration. Under the terms of a Protected Trust Deed you’ll be expected to pay back a set monthly amount to your creditors for three years rather than five years with an IVA.
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Sequestration – up until 1st April 2008 there were a number of differences between bankruptcy in England & Wales and its Scottish equivalent, known as sequestration. The reforms included reducing the term of the sequestration from three years to one year to bring it in line with the bankruptcy laws south of the border. However there are still some differences apart from the name, in Scotland the debt threshold for sequestration is £3,000, whereas it’s £750 for bankruptcy in England & Wales.
Details of your sequestration will be published in The Edinburgh Gazette, which is an official publication and not usually bought by the general public. With bankruptcy, your details will be published in The London Gazette and details will be published in a local paper. Other debt solutions – debt management plans and debt consolidation loans follow the same principles in Scotland as the rest of the UK and are known by the same names.
If you’re living in Scotland and looking for debt advice it’s crucially important that you get the right information, not only for your circumstances but also about the different options available to you.
No matter where you live, our best piece of debt advice is to take control of the situation and explore the various methods of debt solution that may be open to you, as soon as possible.
If you would like more information,
ring Debtsolver now on 08000 434 336 (Free for UK residents only) or complete our
debt wizard to see if you qualify
.
