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If you live in Scotland and are struggling to repay unsecured debts, a Trust Deed, Debt Arrangement Scheme, Minimal Asset Process (MAP) Bankruptcy or Sequestration might well be the solution to your debt worries.

Trust Deeds

A Scottish Trust Deed is essentially an agreement between a debtor and his or her creditors. It’s a legally binding agreement and is made with the help of a Licensed Insolvency Practitioner, known as a Trustee.

Essentially, a Trustee will put together a repayment proposal for your creditors, based on what you income and your assets would realistically allow you to afford. The repayment period is agreed to run over a set period of time, most commonly three years, at the end of which your debts are considered to have been settled in full.

Once the Trust Deed has been ‘protected,’ your creditors can are legally bound to it and can no longer contact you.

Minimal Asset Process (MAP) Bankruptcy

A Scottish Minimal Asset Process is designed for individuals in Scotland on a low income and very little assets.

As there are minimal assets available it is designed to be a cheaper and easier solution compared to traditional Sequestration. Minimal Asset Process costs £50 and will provide protection from your creditors once in place. Discharge form the process usually occurs after 6 months and providing that there hasn’t been a change to your circumstances your debts will be written off.

Debt Arrangement Scheme (DAS)

If you live in Scotland and you can’t keep up with payments to your unsecured debts, DAS (the Debt Arrangement Scheme) could be just what you need.

DAS could help you repay what you owe at a rate you can afford.

Once accepted, this can make a huge difference. With all interest and charges frozen, you’ll know you’re really reducing your debt with each payment – and you’ll know your lenders won’t try to take you to court as long as you stick to your DAS payments.


Sequestration is the Scottish legal term for personal bankruptcy. It is one way of dealing with debts you cannot pay. The sequestration proceedings free you from overwhelming debts so you can make a fresh start, subject to some restrictions.  It also makes sure your assets are shared out fairly among your creditors.

To apply for sequestration your total debt must be over £1,500, and you must be either living in or have lived in Scotland during the last year. Also, a creditor must have either agreed to make you bankrupt, or you are an apparent insolvent (this means that you are unable to meet payments as they fall due). Your creditor will usually have taken some form of legal action in the Sheriff Court against you.

At Moneysolve we do not offer these services ourselves but will assist you in locating available help.

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