Personal Insolvency & Debt Solutions
The personal insolvency and debt solutions team at French Duncan are leaders in the field of personal insolvency advice. We are one of the oldest established debt solutions teams in Scotland. We provide a quality service and ensure that every debt solution is tailored to each individual. We ensure debtors are able to maintain and then exit the specific solution debt and stress free.
Our services include
Also Informal Payment Plans and Informal Debt Advice
Working from offices in Edinburgh, Glasgow and Hamilton, the teams are headed by partners Eileen Blackburn and Brian Milne, assisted by a senior team, we have vast experience in assisting individuals, sole traders and partnerships with their trading and consumer debt issues.
FD Debt Solutions (www.fddebtsolutions.co.uk) is the consumer debt arm of French Duncan Chartered Accountants, for further information and assistance with your debt issues please go to our dedicated consumer debt website.
Debt Arrangement Scheme
DAS is a Scottish Government run debt management tool which allows you to repay your debts through a Debt Payment Programme (DPP). The DPP will allow you to pay off your debts over an extended period of time while giving you protection from your creditors. The DPP can last for any reasonable length of time and, if approved, will freeze all interest, fees and charges on the debt included, resulting in them being waived if you complete the DPP.
A Trust Deed in Scotland is a signed agreement between you and a Trustee which is then put to creditors and proposes partial repayment of the debts owed. The repayment is calculated on the basis of what you can afford to pay on a monthly basis. Once the Trust Deed has had the creditors’ agreement it is then “protected”, the Protected Trust Deed and is supported by the Scottish insolvency legislation. As with a Sequestration, the Trustee has to realise all assets (including equity in the home) - the implications will be fully explored at an initial consultation.
A Protected Trust Deed will generally last between 3 and 5 years. At the end of the period, your Trustee will pay out to your creditors from the funds ingathered and your creditors must write off any balance they do not receive.
This is the term for a Scottish Bankruptcy. This may be appropriate where you are unable to repay your debts at a level acceptable to the creditors or unable to repay debts at all. The appointed Trustee would take control of your estate consisting of all of your assets and all of your unsecured debts. The Trustee will have to realise any equity in your home. The implications will be fully explored at an initial consultation.