A debt management plan (DMP) lets you repay your debts through one affordable monthly payment. In Scotland there’s also a statutory version — the Debt Arrangement Scheme (DAS) — which freezes interest and charges and protects you while you repay. We’ll help you find the right fit, and explain the risks too.
The solutions we advise on are debt solutions, not loans; some are forms of insolvency, are recorded on a public register and will affect your credit rating. Your initial advice is free and there’s no obligation; if you go ahead, fees apply and are shown to you in full first. We’re a commercial service — free, independent debt advice is also available from MoneyHelper and the Scottish Government.
A debt management plan is an arrangement to repay your non-priority (unsecured) debts through one monthly payment, usually spread over a longer period so it’s more affordable. A DMP is informal — it isn’t legally binding, and creditors don’t have to freeze interest or stop contact, though many will.
In Scotland, the statutory alternative is the Debt Arrangement Scheme (DAS). A DAS works on the same one-affordable-payment principle, but because it’s a government scheme it freezes all interest and charges, and your creditors are bound by it once it’s approved. Your home and car aren’t affected as long as you keep up the payments.
If you can’t realistically repay everything you owe within a reasonable time, a Protected Trust Deed may be more suitable — it can write off qualifying unsecured debt you can’t afford (subject to creditor agreement, and not guaranteed). Free debt management plans are also available from not-for-profit providers such as StepChange; we’ll always make sure you know your options.
We look at what you can realistically afford, then set up a single monthly payment that’s distributed to your creditors on your behalf.
We go through your income and outgoings to work out a realistic monthly payment towards your debts.
You make a single monthly payment, which is shared out among your creditors — you no longer juggle multiple payments.
Under a Debt Arrangement Scheme, interest and charges are frozen so everything you pay reduces what you owe.
Free, confidential advice with no obligation. Find out in minutes which route fits your circumstances.
See if you qualify →For the right person, these solutions offer real relief. Here are some of the main advantages.
Bring your unsecured debts together into a single monthly payment based on what you can realistically afford.
We deal with your creditors directly, so you no longer have to liaise with them yourself.
Once your solution is in place, interest and charges on the debts included are frozen so the balance stops growing.
Dealing with Scottish debt is all we do, so the advice you get is tailored to the solutions available where you live.
These are debt solutions and some are forms of insolvency — serious commitments. We’ll fully explain the implications and check any solution is affordable, achievable and suitable for you. Another option may be more appropriate.
A Trust Deed or DAS will affect your credit rating and can make obtaining credit harder for a period. If you’re already missing payments, your rating is likely affected already.
A Protected Trust Deed is a form of insolvency recorded on the public Register of Insolvencies, which anyone can search. A DAS is recorded on the DAS Register.
Only unsecured debts (such as credit cards, loans and overdrafts) can be included. You must keep paying secured debts like your mortgage yourself.
With a Trust Deed, how much unsecured debt is written off depends on your circumstances and your creditors’ agreement. Creditors are not obliged to accept a proposal.
In a Trust Deed the trustee has an interest in any equity in your home. Where appropriate this can be managed, but if equity can’t be released your home could be affected.
No single solution is right for everyone. We’ll always check whether another route — or free, impartial advice — would serve you better first.
If the following sounds like you, a debt management plan or DAS could be worth exploring. There are other factors we’ll assess, such as your property status and income.
Repay your debts through a single affordable monthly payment, with interest and charges frozen under a DAS.
Check if you qualify Free initial advice · Free DMPs also available from not-for-profit providers · Fees apply if you proceed and are shown in full firstYour initial advice is free and there’s no obligation. Trust-Deeds.co.uk is a trading style of My Debt Plan Ltd — a commercial, profit-seeking service, paid for the debt solution you enter into.
If you go ahead with a Protected Trust Deed, your trustee is paid a fixed administration fee plus a further fee based on a percentage of the funds collected during the Trust Deed. These fees are paid from the monthly payments you make, before money is distributed to your creditors — so there is no separate upfront fee. On a Debt Arrangement Scheme, a fee is taken from your monthly payment to cover administering and distributing it to your creditors. Whichever route suits you, all fees are explained and disclosed to you in full before you sign anything.
A debt management plan isn’t the only route. Depending on what you can afford, one of these Scottish solutions may suit you better — we’ll explain the advantages, disadvantages and risks of each.
A Scottish Government scheme to repay your debts in full through one affordable payment, with interest and charges frozen and your home and car protected as long as you keep up the payments. It will still affect your credit rating.
Learn about DAS →A Scottish alternative to bankruptcy for unsecured debts over £5,000. One affordable monthly payment, typically over around four years, after which qualifying unsecured debt you can’t afford is written off (subject to creditor agreement, not guaranteed). A form of insolvency recorded on a public register.
Learn about Trust Deeds →Find out in minutes whether a debt management plan, a DAS or a Trust Deed could help you. It’s free, confidential and there’s no obligation.
Answer a few quick questions about your situation and a debt advisor at My Debt Plan Ltd will be in touch to talk through your options. It’s free, confidential and there’s no obligation.
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Free, independent debt advice is also available from MoneyHelper, StepChange, National Debtline or Citizens Advice Scotland.
Straight answers to the questions people ask most before choosing a Scottish debt solution.
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