Looking for debt advice across the entire UK including Glasgow?

Trust Deed or Bankruptcy nationally across Scotland including Glasgow

Please note that Money Advice Direct Debt Advice Service is a national organisation covering the entire UK. Please note that the service operates from offices in London and a national telephone advice centre in the north of England. The service does not operate a physical office or a seperate team in each of the city and regions listed on this page.

Glasgow is the largest city in Scotland and third most populous in the United Kingdom. Glasgow has the largest economy in Scotland. Glasgow has particular strengths in the shipbuilding, engineering, food & drink, printing, publishing, chemicals and textile industries.

Rise in demand for debt advice in Glasgow

Extra resources for residents of Glasgow have been made available following a large increase in people needing debt and bankruptcy help since the credit crunch. The debt advice team report there has been a rise in the number of people with complex and multiple debt problems. Glasgow is no different to anywhere else in Scotland and people are having difficulties servicing their debts in the current economic climate.

Residents living in and around Glasgow are contacting the debt advice helpline seeking help for problems such rising credit card repayments and store card debts. Many are seeking solutions such as bankruptcy or protected trust deed.

Money Advice Direct want to do is give people, particularly vulnerable groups, the best debt and bankruptcy advice and support that we can to prevent financial problems or stop these problems escalating.

Enquiries from Glasgow to double to Money Advice Direct

Calls for debt help from residents of Glasgow to Money Advice Direct have doubled. The average amount owed is £30,000. Research also show that Glasgow’s middle classes middle classes are being crippled by debt as the culture of spend today, pay tomorrow leaves them owing tens of thousands of pounds.

According to the debt advice team enquiries to for debt advice have come from residents all over Glasgow but it seems the following areas are most affected:-

• Keppochhill, Glasgow
• Drumry, Glasgow
• Parkhead, Glasgow
• Craigmillar, Edinburgh
• Hutchesontown, Glasgow
• Bridgeton/Dalmarnock, Glasgow
• Queenslie, Glasgow
• Merkinch, Highland
• Royston, Glasgow
• Glenwood, Glasgow
• St James, Renfrewshire
• Braidfauld, Glasgow
• Ibrox, Glasgow
• Barlanark, Glasgow
• Ashfield, Glasgow
• Whitfield, Dundee
• Milton, Glasgow
• Wyndford, Glasgow
• Easterhouse, Glasgow
• Summerhill, Glasgow

Helping families in debt living in Glasgow

In Glasgow the biggest growth in debt is in the 45-60 range and the concerns are that more older people are taking on debt, but also younger people are going to be more comfortable about taking on debt so problems in that age range will continue to grow.

People in debt are being helped improve their market earnings and at the same time as getting extra assistance if their incomes fall short. People in Glasgow who grow up with debt problems are increasingly likely to be poor as adults unless debt advice is sought early on.

The average amount owed by people in Glasgow with personal debt is £17,000. Much of the debt problems in Glasgow are brought about by habitual over spending, shopaholicism, divorce, gambling and due to illness.

Some people in Glasgow have borrowed money, thinking they can comfortably repay it. It is only when circumstances change that they find that what once was affordable no longer is. Many people in Glasgow have been seduced by easy credit and ended up with even bigger debt problems as a result.

The following debt solutions should be utlised early on to relieve people of their debt problems:-

Protected Trust Deeds for residents of Glasgow

• A protected trust deed is a special kind of trust deed that is binding on all creditors. Provided the debtor complies with the terms of their protected trust deed, the creditors can take no further action to pursue the debt or to make the debtor bankrupt.
• A protected trust deed prevents the debtor from applying for their own bankruptcy or for a debt payment programme under the Debt Arrangement Scheme.
  If a debtor acquires any new debts after they sign the trust deed, they will not be protected from action by their new creditors.
  Signing a trust deed is a serious step - debtors must be sure that they understand what they are signing.

Before a debtor signs, a trustee must give them advice about the consequences and must tell them about the alternatives to a trust deed. The alternatives include a debt management plan and a Debt Payment Plan under the Debt Arrangement Scheme. The trustee must also give the debtor a copy of the Scottish Government's Debt Advice and Information Package.

Like bankruptcy, a protected trust deed is likely to affect a debtor's credit rating and may prevent them from doing some jobs. If the trust deed fails to become protected the creditors may be able to make the debtor bankrupt.

The trustee will charge for the work they do and the debtor can choose who their trustee will be. The trustee must give the debtor an indication of what they will charge before the trust deed is signed.

Further information on trust deeds can be found in the Trust Deed Information Centre

Bankruptcy in Glasgow

• Bankruptcy is a formal method of dealing with debts if other options have failed or are inappropriate. The consequences of bankruptcy are severe and no one should make an application for bankruptcy without seeking advice.
• Bankruptcy starts when someone in debt (a debtor) is declared bankrupt by the sheriff or the Accountant in Bankruptcy. If a debtor is declared bankrupt, it means that they have to hand over their estate including their home, to their trustee. The person who administers a bankruptcy is called the trustee. They can be either the Accountant in Bankruptcy or an insolvency practitioner.

A debtor will be able to keep some things that are essential for everyday living, however they may be required to make some payment from their income. It is the duty of the trustee to sell the debtors assets or property and to use the money to pay the costs of managing the bankruptcy; and pay creditors as much as possible of what the debtor owes them.

Debt Management Plans (DMP) in Glasgow

• A Debt Management Plan or DMP only deals with unsecured debts and so mortgages, second charges, secured car finance, Hire Purchase, conditional sales and leases still need to be paid.
• Under the terms of a Debt Management Plan you pay the creditors a monthly payment based on the money you have left after paying your living expenses and secured debt payments. To qualify for a DMP you must prove you cannot meet your current contracted credit repayments and that you can afford to pay your unsecured creditors at least £100 a month.

Read more about Debt Management Plans here

Debt Arrangement Scheme

• The Debt Arrangement Scheme (DAS) is a statutory scheme run by the Scottish Government to help debtors to pay multiple debts by giving them more time to pay without hassle or threat of court action from their creditors. DAS freezes interest, fees and charges on their debts from the date the DAS payment programme is approved. Debts will be written off if the programme is completed.
• The scheme is delivered free by approved money advisers. The scheme protects debtor’s assets, including their home (as long as they keep up their mortgage payments).

Debt Advice in Glasgow

The worrying trend for debt advice comes as Glasgow's reliance on plastic has shown no signs of diminishing this year – a record number of people are expected to pay for most of their household goods on credit and an interest rate rise is again on the horizon.

If you are unable to pay your debts you should get advice from the trained money advisers at Money Advice Direct team. They can give you further information on bankruptcy, protected trust deeds or alternatives that may be available to you. Money Advice Direct offer confidential advice for people wanting to get debt free (subject to terms and conditions). Click here to apply online or call FREEPHONE 0800 074 6918.

Please note that the Bankruptcy-Insolvency.co.uk Debt Service is a national organisation covering the entire UK. Please note that the service operates from offices in London and a national telephone advice centre in the north of England. The service does not operate a physical office or a seperate team in each of the city and regions listed on this page.

This is a list of offical cities within the United Kingdom covered by Money Advice Direct.  

• Aberdeen
• Armagh
• Bangor
• Bath
• Belfast
• Birmingham
• Bradford
• Brighton and Hove
• Bristol
• Cambridge
• Canterbury
• Cardiff
• Carlisle
• Chester
• Chichester
• City of London
• Coventry
• Derby
• Dundee
• Durham
• Edinburgh
• Ely
• Exeter
• Glasgow
• Gloucester
• Hereford
• Inverness
• Kingston upon Hull
• Lancaster
• Leeds
• Leicester
• Lichfield
• Lincoln
• Lisburn
• Liverpool
• London
• Londonderry
• Manchester
• Newcastle upon Tyne
• Newport
• Newry
• Norwich
• Nottingham
• Oxford
• Peterborough
• Plymouth
• Portsmouth
• Preston
• Ripon
• Salford
• Salisbury
• Sheffield
• Southampton
• St Albans
• St Davids
• Stirling
• Stoke-on-Trent
• Sunderland
• Swansea
• Truro
• Wakefield
• Wells
• Westminster
• Winchester
• Wolverhampton
• Worcester
• York
  

List of counties covered by Money Advice Direct

• Avon
• Bedfordshire
• Berkshire
• Borders
• Buckinghamshire
• Cambridgeshire
• Central
• Cheshire
• Cleveland
• Clwyd
• Cornwall
• County Antrim
• County Armagh
• County Down
• County Fermangh
• County Londonderry
• County Tyrone
• Cumbria
• Derbyshire
• Devon
• Dorset
• Dumfries and Galloway
• Durham
• Dyfed
• East Sussex
• Essex
• Fife
• Gloucestershire
• Grampian
• Greater Manchester
• Gwent
• Gwynedd County
• Hampshire
• Herefordshire
• Hertfordshire
• Highlands and Islands
• Humberside
• Isle of Wight
• Kent
• Lancashire
• Leicestershire
• Lincolnshire
• Lothian
• Merseyside
• Mid Glamorgan
• Norfolk
• North Yorkshire
• Northamptonshire
• Northumberland
• Nottinghamshire
• Oxfordshire
• Powys
• Rutland
• Shropshire
• Somerset
• South Glamorgan
• South Yorkshire
• Staffordshire
• Strathclyde
• Suffolk
• Surrey
• Tayside
• Tyne and Wear
• Warwickshire
• West Glamorgan
• West Midlands
• West Sussex
• West Yorkshire
• Wiltshire
• Worcestershire