If you are interested in an IVA but you are a Scottish resident, then you will have to look at Trust Deeds, which is similar legislation.
Like an IVA, your unaffordable debt can be written off but this can happen in as little as 36 months. A Trust Deed will stop all court action and creditors will stop all interest and charges on your debts.
If you debt is unaffordable, then a Trust Deed is a great way to secured a debt free future. You will still be allowed to use a bank account, although some of the extra facilities may be withdrawn.
For more information, please call Refused A Loan on 0808 131 9104.
RefusedALoan.co.uk is a trading name of Ask Finance Ltd, which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.