Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS. on a positive note

Size: px
Start display at page:

Download "Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS. on a positive note"

Transcription

1 Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS on a positive note

2 This booklet provides general information on the Debt Arrangement Scheme (DAS) and is not intended as a full statement of the law. DAS is a statutory debt management scheme introduced by the Scottish Government to help people repay their debt(s) over an agreed period of time without the threat of court action from creditors. For a variety of reasons some people find that they are struggling to repay their debt(s) and need support to cope with their situation. Getting advice as soon as possible can help you to deal with your debt(s). You can find contact details of some organisations who offer free advice at the back of this booklet. Further information on some alternatives to DAS is also included later in this booklet. The main legislation relevant to DAS is the Debt Arrangement and Attachment (Scotland) Act More information on DAS and all related legislation and publications are available on the DAS website:

3 CONTENTS 1. DEBT ARRANGEMENT SCHEME 1.1 What is DAS? 1.2 How can DAS help me? 1.3 Does DAS cost anything? 1.4 Am I eligible? 1.5 Who is involved? 1.6 Is DAS only available for individuals? 1.7 Will it affect my credit rating? APPLYING FOR DAS 2.1 How do I apply for a DPP? 2.2 What information is in a DPP? 2.3 What happens if my DPP is approved? 2.4 What happens if my DPP is rejected? 2.5 What is the Fair and Reasonable test? 2.6 Am I protected during the application period? 2.7 What happens when I complete my DPP? 2.8 Review and Appeals CHANGES TO YOUR DPP 3.1 What if I do not comply with the conditions of my DPP? 3.2 What can I do if my DPP is revoked? 3.3 What happens if my circumstances change? 3.4 How many times can I apply for a payment break? 3.5 How do I apply for a variation? DAS WEB PORTAL 5. ALTERNATIVES TO DAS 6. CONTACT INFORMATION AND ADVICE SOURCES

4 1. DEBT ARRANGEMENT SCHEME DAS is the only official government debt management scheme in Scotland, created to help you repay your debt.

5 1.1 What is DAS? The Debt Arrangement Scheme (DAS) is a statutory debt management scheme introduced by the Scottish Government to help you repay your debt(s). Under DAS, you can apply for a Debt Payment Programme (DPP) that allows you to pay off your debt(s) over an extended period of time. You must include all your debts in the DPP application. Your DPP will take into account what you can reasonably pay back at regular intervals based on your disposable income. If you are an individual person applying for DAS there is no limit on the level of debt or the repayment period in a DPP. A programme can last for any reasonable length of time subject to the value of the debt. When the DAS Administrator or money adviser submits the application for a DPP to creditors for approval, all interest, fees, penalties or other charges that would have applied to your debt(s) are frozen and are waived upon completion of your DPP. You can also apply for DAS if you are not an individual, this is called Business DAS (if this applies to you please see the Debtor Information Booklet for Business DAS, which can be found on the DAS website). Once approved, a DPP can prevent enforcement of debt(s) by the court. Creditors included in your DPP are prevented from petitioning for your bankruptcy as long as you maintain the agreed payments in your DPP under DAS. 1.2 How can DAS help me? DAS is a Scottish Government scheme that: allows you to make one regular payment towards clearing your debt meaning you don t have to deal with your creditor individually freezes interest, fees and charges on your debt, from the date the DAS Administrator or money adviser submits the application for a DPP to creditors for approval, and this is waived on completion of the DPP 3

6 provides protection from creditors taking enforcement action to recover money owed to them, and is often free for people paying debt under an approved DPP. However, some money advisers may charge a fee for their service. If a money adviser is charging a fee, they must also disclose them amount of fees that will be charged for the services provided in a DPP and provide you with the name of a money adviser that can provide this service fee of charge. Your Money Adviser will help you decide if DAS is right for you. 1.3 Does DAS cost anything? You can get free confidential and impartial advice in your local area or pay for advice through a number of financial services organisations. People who can give free, face-to-face advice include advisers in Citizens Advice Bureau and Local Authority money advisers. You can find contact information at the back of this booklet or find a money adviser near you on the DAS website at: Some organisations may also give information and advice over the telephone or online. Please note that some organisations will charge you for the provision of money advice. You should check the details and costs with your chosen money adviser prior to entering into any agreement Am I eligible? You may be eligible to participate in DAS if you have one or more debts and meet the following criteria: you live in Scotland; you have sought the advice and assistance of a DAS approved money adviser;

7 you wish to repay your debt(s) without the threat of your creditor(s) taking legal action against you; you have a reasonable level of surplus income after meeting your basic needs (for example mortgage, rent, utilities, food, council tax). You are ineligible to participate in DAS if you: have granted a Protected Trust Deed from which you have not been discharged; or are bankrupt or subject to a Bankruptcy Restrictions Order or a Bankruptcy Restriction Undertaking; or are subject to a time to pay direction under section 1 (time to pay directions); or section 5 (time to pay orders) of the Debtors (Scotland) Act 1987, in respect of that debt (only applicable where a debtor has a single debt to be included in DAS); or are subject to a time order under section 129 (time orders) of the Consumer Credit Act 1974, in respect of that debt (only applicable where a debtor has a single debt to be included in DAS); or are paying a debt(s) under a conjoined arrestment order. Normally you are ineligible to participate in DAS if you are paying a debt(s) under a conjoined arrestment order. However, if you have a conjoined arrestment order and a creditor (it does not matter whether this creditor is involved in the conjoined arrestment order or not) has tried lawfully to enforce another debt(s) that you owe, then you may be eligible for a DPP. If you are not certain whether you are eligible to apply, contact your money adviser for advice. 1.5 Who is involved? Debtor: An individual who has personal debt(s) and has agreed to a Debt Payment Programme (DPP). 5

8 DAS Approved Money Adviser (a money adviser): An individual who meets the criteria to offer a DPP under DAS as a debt management option. Creditor: An individual or organisation who you owe money to. DAS Administrator: The Accountant in Bankruptcy (a Scottish Government official) who oversees the administration of every DPP. Payments Distributor: An organisation responsible for the collection of DPP payment instalments from debtors and the distribution of these funds to creditors. 1.6 Is DAS only available for individuals? Couples who are each liable for a debt which may be included in a DPP may apply for a joint DPP if their relationship falls within the following criteria: husband and wife or living together as husband and wife; civil partners; or living together in a relationship with the characteristics of a husband and wife relationship, except that they are of the same sex. For a joint DPP proposal to proceed, both applicants must consent to the DPP proposal. Business DAS is also available if you are a legal person or other entity, which includes; a partnership, a limited partnership, trust or unincorporated body of persons. (See the Business DAS debtor information booklet for more details available on the DAS website.) Will it affect my credit rating? If you participate in DAS then your details will be recorded on the DAS register. This is a register which can be accessed free of charge. Creditors and credit reference agencies check this register on a regular basis and may update your credit file to reflect this information. While you have a DPP under DAS, you will not normally be able to access further credit.

9 2. APPLYING FOR DAS DAS freezes all interest, fees, penalties or other charges that would have applied to your debts and waives them upon completion of your DPP. 7

10 2.1 How do I apply for a DPP? To apply for a DPP under DAS you must seek the advice and assistance of a money adviser. Your money adviser will discuss your income and expenditure with you and calculate how much surplus income you have. They will also ask you to provide proof of your financial circumstances. If your only source of income is benefits, then you may also be able to apply for DAS, but must have available surplus income to make payments. If you and your money adviser agree that you are suitable for DAS, your money adviser will apply for a DPP on your behalf. The details of your DAS DPP proposal are sent to all of the creditors that you include in your DPP. 2.2 What information is in a DPP? Your DPP proposal will clearly state: the total amount that you owe; the agreed amount for each repayment instalment; the frequency of the proposed payments; and the proposed length of your DPP. Each creditor in your DPP will be given the opportunity to accept or reject the terms of your DPP proposal. You must include all debts owed in your application, except where a continuing liability exists. The creditors included in your DPP are given a period of 21 days to respond to the DPP proposal. If creditors all accept or are deemed to have accepted (because they do not respond within the 21 days) the DPP under DAS is agreed automatically. 8 Creditors in your DPP will then be bound by this DPP provided that you continue to adhere to the agreement. If the creditors included in your DPP do not consent to your DPP proposal, the DAS Administrator can still approve the DPP if it is found to be fair and reasonable to do so.

11 2.3 What happens if my DPP is approved? If your DPP proposal is approved, your debt(s) will be paid through a single regular payment. An approved payment distributor is responsible for making payments to your creditors. Your money adviser or the DAS Administrator will make the necessary arrangements with an approved payment distributor to allow your DPP to start. You can make your payments to the payments distributor by: payment mandate to your employer; direct debit or standing order; smart card, swipe card, smart key or other type of payment card or key; or another method of payment which has been agreed with the DAS Administrator. Your initial payment must be made within 42 days of the date your DPP is approved. 2.4 What happens if my DPP is rejected? If your DPP proposal is rejected, you should contact your money adviser to discuss your options. This may include submitting a revised proposal. You may apply to the DAS Administrator for a review of the decision to reject the DPP. This request must be made on any ground that would be raised in an appeal to a sheriff. If the decision is not changed at the review stage you have the right to appeal to a sheriff on a point of law against the DAS Administrator s decision. 9

12 2.5 What is the Fair and Reasonable test? The Fair and Reasonable test is the criteria that the DAS Administrator will use when deciding on whether to approve or reject a DPP application. In considering whether to approve or reject a DPP, the DAS Administrator must take into account: the total amount of debt; the total period of time for the proposed payment plan; the method and frequency of the regular payments; the extent to which the creditors have consented; any other views from the creditor; comments made by the money adviser; any previous DPP application; and, any other factor which the DAS Administrator considers appropriate. 2.6 Am I protected during the application period? Depending on your individual circumstances, your money adviser may ask you to notify The Accountant in Bankruptcy that you intend to apply for a DPP and this is done by completing a moratorium application or submitting a written request. If the moratorium application or your written request is accepted it will protect you from action to enforce payment of any debt(s) for an interim period of up to 6 weeks immediately prior to the submission of your DPP application. You are only allowed to submit one moratorium application in any 12 month period, unless you have been in a joint DPP which has been revoked. In this case, you may submit a further moratorium application prior to your application for a sole DPP. Once your DPP application is submitted, you will remain protected. This protection will be removed should you decide to withdraw your DPP application, or if your application is rejected by the DAS Administrator. 10

13 2.7 What happens when I complete my DPP? Once your DPP has been completed your details are removed from the DAS Register and your creditors will be informed that your DPP debt(s) have been repaid. If you are repaying your DPP direct from your wages, the DAS Administrator or your money adviser will write to your employer to cease the deduction from your wages. 2.8 Reviews and Appeals A creditor named in the application for a DPP may, on any ground which may be raised in an appeal to a sheriff, apply to the DAS Administrator for a review of a decision taken by the DAS Administrator to: approve, refuse or revoke a DPP; determine a debt in a DPP; attach a discretionary condition in a DPP; dispense with creditors consent; and approve or refuse a variation. A debtor may, on any ground which may be raised in an appeal to a sheriff, apply to the DAS Administrator for a review of a decision made by the DAS Administrator to: refuse a DPP application; determine a debt in a DPP; attach a discretionary condition to a DPP; approve or refuse a variation; revoke a DPP. A request for review must be sent directly to the DAS Administrator within 14 days of the date of the original decision made by the DAS Administrator. If the decision is not changed at the review stage the creditor or debtor may appeal to the sheriff on a point of law within 14 days of the date of the review decision. The decision made by the sheriff is final. 11

14 3. CHANGES TO YOUR DPP If your circumstances change you may apply for a variation to your DPP.

15 3.1 What if I do not comply with the conditions of my DPP? If you miss payments or make part payments resulting in you owing the equivalent of two monthly payments and a further payment is due, your DPP may be revoked. If you fail to comply with any of the conditions of your DPP, then the DPP may be revoked and your creditor(s) will be able to pursue enforcement action against you. 3.2 What can I do if my DPP is revoked? If your DPP is revoked, you will be liable for all interest, fees and charges that would have been payable had you not entered into your DPP. You should contact your money adviser to discuss your options. You have the right to apply to the DAS Administrator for a review of the decision to revoke your DPP. This request must be made on any ground that would be raised in an appeal to a sheriff. If the decision is not changed at the review stage you have the right to appeal to a sheriff on a point of law against the DAS Administrator s review decision. 3.3 What happens if my circumstances change? If your circumstances change and you can no longer afford the agreed payments, or wish to increase the level of payment, you may apply for a variation to your DPP. You may wish to discuss this with your money adviser before you decide to proceed. DPPs sometimes become unmanageable due to a short term income shock where an individual, or someone in their household, experiences a reduction in their disposable income. In these circumstances, a debtor can apply for a payment break of up to six months where their disposable income has reduced by 50% or more in the following circumstances: 13

16 a period of unemployment or change in employment; a period of leave from employment for maternity, paternity, adoption or to care for a dependant; a period of illness of the debtor; divorce, dissolution of a civil partnership or separation from a person to whom the debtor is married or the civil partner; death of a person with whom the debtor shared care (financial responsibilities or otherwise); the payment break will interrupt the term of the DPP, therefore the term of the DPP will be extended by the same period. 3.4 How many times can I apply for a payment break? There is no limit to the number of times you can apply for a payment break provided you meet the necessary criteria. Before approving the variation, the DAS Administrator will take previous payment breaks into account as part of the decision-making process where appropriate. 3.5 How do I apply for a variation? You, your money adviser or a nominated person may apply to the DAS Administrator for a variation to the DPP. If you are in a joint DPP then an application must be made by both debtors. An application for a variation of a DPP can be made: on agreement between the debtor and each creditor in the DPP; on agreement between the debtor and a creditor that a debtor s liability to repay a sum is to be discharged; on a significant change in the debtor s circumstances; where the amount due under the DPP was wrongly assessed; where additional debt(s) come to light that were not included in the original DPP; and where the debtor requires credit for emergency repairs, funeral expenses or other exceptional items. On application for a variation, your new circumstances will be considered by the DAS Administrator and, if appropriate, a revised payment programme may be agreed. 14

17 4. DAS WEB PORTAL The web portal gives you online access to your case so you can see what s happening with your payments.

18 DAS has a dedicated web portal that gives you online access to the DAS case management system Debt Arrangement Scheme Hub (DASH). This has been developed to provide you with information on the lifecycle of your DAS case. Your money adviser will provide you with log on details and a password which will allow you access to the online system to review the status of your case. Further information on how to access DASH can be found on or by contacting the DAS Administrator. 16

19 5. ALTERNATIVES TO DAS A trust deed can become protected. This means that your creditors cannot take court action against you for the debt(s) that you owed when the trust deed was agreed provided that you meet the terms of the trust deed.

20 Debt Management Plan (DMP) A voluntary agreement between you and your creditors to make a set payment towards your outstanding debt. DMPs are managed by firms known as Debt Management Companies, who negotiate with your creditors and manage the payments on your behalf. Your agreed payments are based on how much you can afford to pay. These payments are distributed between all your creditors. When your debt management plan is being set up, your creditors may agree to freeze any interest charges but are not obliged to do so. Your creditors are still entitled to take action to enforce payment of your debt(s) whilst you are subject to a DMP. Voluntary DMPs do not offer the same security as a DAS DPP. Please note that some Debt Management Companies charge for the provision of advice and on-going administration of a DMP. You should check this with your chosen adviser prior to entering into any agreement. Trust Deed A formal arrangement where a debtor conveys his estate to a trustee for the benefit of his creditors. The trustee must be a licensed insolvency practitioner. To enter into a trust deed you must either have assets that can be sold or you must be able to make regular payments to your trustee from your income. A trust deed can become protected. This means that your creditors cannot take court action against you for the debt(s) that you owed when the trust deed was agreed provided that you meet the terms of the trust deed. 18

21 If your creditors do not agree to your trust deed becoming protected, they can still take court action against you. If you do not co-operate with your trustee, your trust deed may fail and your creditors can take legal action to recover what you owe them, including making you bankrupt. Your trustee can also make you bankrupt if you do not co-operate with them. It is important to note that your trustee can apply to make you bankrupt at any time during the trust deed, if they think that this would raise more money for creditors, although this does not happen often. Bankruptcy Bankruptcy is a legal declaration that someone cannot pay their debt(s). If you are declared bankrupt, control of things that you own, including your home, are passed to your trustee. You may also be required to make a regular payment from your income. Details of individuals who are bankrupt or have granted a protected trust deed are recorded on the public Register of Insolvencies: For further information on the above alternatives to DAS please contact your local Money Advice Centre or Citizens Advice Bureau. 19

22 6. CONTACT INFORMATION AND ADVICE SOURCES Getting advice as soon as possible can help you to deal with your debts.

23 To get more information on DAS and alternative debt relief and management options, contact: DAS Administrator Accountant in Bankruptcy 1 Pennyburn Road Kilwinning Ayrshire KA13 6SA Telephone: Fax: (for general information on the DAS) Website: For free advice on debt contact: Money Advice Scotland Telephone: Website: Citizens Advice Scotland Telephone: Website: National Debtline Scotland Telephone: Website: Trading Standards Scotland Website: There are other organisations which can provide you with alternatives to entering DAS. Some of these organisations may charge a fee for their services. You can find the contact details for these organisations in your phone book.

24 Using your personal information Personal information that you supply to Accountant in Bankruptcy (AiB) may be used in a number of different ways, for example: to determine applications for bankruptcy and debt payment programmes for the collection of fees and contributions to identify and sell assets to supervise the administration of bankruptcies and Protected Trust Deeds for statistical analysis. We may share your information with, and obtain information from, third parties such as banks, credit reference agencies, creditors and local authorities for the purposes of handling your case. If you are made bankrupt, sign up to a Protected Trust Deed or apply under the Debt Arrangement Scheme (DAS), your details will be recorded in a public register available for anyone to access free of charge. Additionally, if you do not comply with the conditions of your bankruptcy you could be subject to a Bankruptcy Restriction Order (BRO) where your details will be made public in a press release and on the AiB website. Using your information in this way is required to allow AiB to act under the Bankruptcy (Scotland) Act 1985 and other relevant legislation. We, or an agent acting on our behalf, may also contact you to discuss your experience of using our service as part of our on-going commitment to customer service. However you will be given the opportunity to request that we do not contact you for these purposes. For further information about how your information is used and your rights to access information we hold about you, please contact: 22

25 This publication is is available on request in community language versions and alternative formats. Please contact for this to be arranged Tha am ffoillseachadh seo ri ri fhaot ainn air iarrt as ann an cànanan coimhearsnachd agus ann an cruthan eile. Cuiribh fios gu air son seo a chur air dòigh. We have written this booklet for general guidance only. It It is is not a detailed or full statement of the law.

26 To get more information on DAS and alternative debt relief and management options, contact: DAS Administrator Accountant in Bankruptcy 1 Pennyburn Road Kilwinning Ayrshire KA13 6SA Telephone: Fax: (for general information on the DAS) Website: An Agency of APS Group Scotland (03/15)

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS on a positive note This booklet provides general information on the Debt Arrangement Scheme (DAS) and is

More information

THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET. on a positive note. Debt Arrangement Scheme

THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET. on a positive note. Debt Arrangement Scheme THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET on a positive note Debt Arrangement Scheme This booklet provides general information on the Debt Arrangement Scheme (DAS) and is not intended

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Insolvency Practitioners acting as Continuing Money Advisers Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS)

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Payments Distributors Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and

More information

Debt advice and information package

Debt advice and information package Debt advice and information package IMPORTANT Do not ignore this information You can get more copies of this booklet, or copies of other booklets we produce, by calling us on 0300 200 2600 You can also

More information

Debt and the consequences Important information to help you deal with your creditors and debt

Debt and the consequences Important information to help you deal with your creditors and debt Debt and the consequences Important information to help you deal with your creditors and debt The contents of this publication are accurate as at November 2012. Any subsequent amendments will be incorporated

More information

Debt Arrangement Scheme Guidance for creditors

Debt Arrangement Scheme Guidance for creditors Debt Arrangement Scheme Guidance for creditors Foreword Most people want to pay what they are due, but some can only do so if they are given more time. A modern system of court enforcement protects debtors

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES From 1 April 2015

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES From 1 April 2015 Debt Arrangement Scheme (DAS) Individual DAS Guidance for Money Advisers Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and Attachment

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

DEBT ADVICE AND INFORMATION PACKAGE

DEBT ADVICE AND INFORMATION PACKAGE DEBT ADVICE AND INFORMATION PACKAGE IMPORTANT Do not ignore this information You can get more copies of this booklet, or copies of other booklets we produce, by calling us on You can also find them on

More information

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011 SCOTTISH STATUTORY INSTRUMENTS 2011 No. 141 DEBT The Debt Arrangement Scheme (Scotland) Regulations 2011 Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into

More information

You can get more copies of this booklet, or copies of other booklets we produce, by phoning 0300 200 2600

You can get more copies of this booklet, or copies of other booklets we produce, by phoning 0300 200 2600 TRUST DEED Guide You can get more copies of this booklet, or copies of other booklets we produce, by phoning 0300 200 2600 You can also find them on the publications page of our website: www.aib.gov.uk

More information

1. Introduction 1. 2. What is bankruptcy? 2 2.1 What are the consequences of being bankrupt? 2

1. Introduction 1. 2. What is bankruptcy? 2 2.1 What are the consequences of being bankrupt? 2 Debtor s guide The contents of this publication are accurate as at November 2012. Any subsequent amendments will be incorporated in the latest version which is available at: www.aib.gov.uk/guidance/publications/

More information

Debt Advice and Information Package

Debt Advice and Information Package IMPORTANT Do not ignore this information Debt Advice and Information Package You have been given this booklet because one of the following is happening or is about to happen: Someone that you owe money

More information

You can get more copies of this booklet, or copies of other booklets we produce, by phoning our helpline on 0845 762 6171. (You can also find them on

You can get more copies of this booklet, or copies of other booklets we produce, by phoning our helpline on 0845 762 6171. (You can also find them on TRUST DEED GUIDE You can get more copies of this booklet, or copies of other booklets we produce, by phoning our helpline on 0845 762 6171. (You can also find them on the Publications page of our website:

More information

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What Guidance Guide to Debt Relief Orders When, Where, How, Who, What June 2011 Contents 1 About this Guide Page 5 2 What is a 6 What are your duties in connection with a debt relief order? 10 Debt relief

More information

Important information to help you deal with your creditors and debt

Important information to help you deal with your creditors and debt Debt and the Consequences Important information to help you deal with your creditors and debt You can get more copies of this booklet, or copies of other booklets we produce, by phoning the Accountant

More information

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland)

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Why you should read this guide Many people living in Scotland, through no fault of their own, are struggling

More information

Dealing with debt. finding your feet. Advice for you if you are in debt

Dealing with debt. finding your feet. Advice for you if you are in debt Dealing with debt finding your feet Advice for you if you are in debt Help yourself deal with your debt Even though it may seem that there is little you can do to help yourself, in fact there is more than

More information

The Accountant in Bankruptcy. Notes for Guidance of Trustees under Protected Trust Deeds

The Accountant in Bankruptcy. Notes for Guidance of Trustees under Protected Trust Deeds The Accountant in Bankruptcy Notes for Guidance of Trustees under Protected Trust Deeds This Guidance describes the general functions of The Accountant in Bankruptcy and trustees in relation to their responsibilities

More information

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide.

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide. SECTION Insolvency procedures in England and Wales in Scotland in Northern Ireland Available on on Independent of of Nationwide products products and and services services What is insolvency? Insolvency

More information

What will happen to my Home. Information about your home when bankruptcy occurs.

What will happen to my Home. Information about your home when bankruptcy occurs. What will happen to my Home Information about your home when bankruptcy occurs. This leaflet covers the questions you are most likely to want answered about your home if you are made bankrupt. 1. Will

More information

Debt and the consequences Important information to help you deal with your creditors and debt

Debt and the consequences Important information to help you deal with your creditors and debt Debt and the consequences Important information to help you deal with your creditors and debt The contents of this publication are accurate as at 1 April 2015. Any subsequent amendments will be incorporated

More information

Bankruptcy and Debt Advice (Scotland) Bill. Claire Orr

Bankruptcy and Debt Advice (Scotland) Bill. Claire Orr Bankruptcy and Debt Advice (Scotland) Bill Claire Orr Background Consultation in spring 2012 Government response autumn 2012 On-going dialogue with stakeholders Bill introduced to Parliament June 2013

More information

CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business

CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business National House 80 82 Wellington Road North Stockport SK4 1HW CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business Introduction Important Note: These Terms and Conditions of Business explain our

More information

The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468

The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468 The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468 As amended at 30 June 2007 Amendments The Debt Arrangement Scheme (Scotland) Amendment Regulations 2004 (SSI 2004/470) The Debt Arrangement

More information

THE DEBT ARRANGEMENT SCHEME A CONSULTATION IMPROVING ACCESS DOCUMENT

THE DEBT ARRANGEMENT SCHEME A CONSULTATION IMPROVING ACCESS DOCUMENT TH IM E PR D OV EBT IN A G RR AC A CE NG SS EM A LT T SU EN N O UM C A OC D EN O TI T N SC H EM E THE DEBT ARRANGEMENT SCHEME IMPROVING ACCESS A CONSULTATION DOCUMENT The Scottish Government, Edinburgh

More information

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED]

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] CONTENTS Section Advice and education 1 Sequestration of estate of living debtor: money advice 2 Financial education for debtor Payments by debtor

More information

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009 M on Factsheet e y E3 A dv i c e Bankruptcy U ni Make Every Count t The information and benefit rates in this leaflet are correct at April 2009 01438 737555 www.hertsdirect.org/benefits Bankruptcy Bankruptcy

More information

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY The most common options available to individuals who are unable to pay their debts are:- 1 Do nothing. 2 Obtain an unsecured debt consolidation

More information

You ll make affordable monthly payments based on your situation

You ll make affordable monthly payments based on your situation You ll make affordable monthly payments based on your situation We may be able to freeze/reduce any interest and charges We deal with your creditors for you, and letters and phone calls should decrease

More information

SECONDARY CONSULTATION DRAFT 21.08.03

SECONDARY CONSULTATION DRAFT 21.08.03 SECONDARY CONSULTATION DRAFT 21.08.03 DEBT ARRANGEMENT SCHEME REGULATORY IMPACT ASSESSMENT Title 1. [The Debt Arrangement Scheme (Scotland) Regulations 2003] Purpose and intended effect (i) The objective

More information

What will happen to my home?

What will happen to my home? What will happen to my home? Information about your home when bankruptcy occurs. This section covers the questions you are most likely to want answered about your home if you are made bankrupt: Will I

More information

APPLICATION FOR FINANCIAL ASSISTANCE

APPLICATION FOR FINANCIAL ASSISTANCE APPLICATION FOR FINANCIAL ASSISTANCE BEFORE COMPLETING THE APPLICATION FORM, PLEASE CAREFULLY READ THE NOTES BELOW. When you have completed the application form, you should detach these notes and keep

More information

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr A guide to IVAs A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) Contents Part 1 Overview 3 Guide overview Part 2 IVAs 4 What is an IVA? How does an IVA work?

More information

FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY

FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY Appendix A FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY INTRODUCTION 1.1 This document details the Council s policies on the billing, collection and recovery of monies due to the

More information

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES This document contains two (2) sections SECTION A Individual Voluntary Arrangements (IVA s) SECTION B Scottish Protected Trust Deed s (PTD s) SECTION

More information

Council Tax and Benefits Service. Debt Recovery Processes Council Tax and Housing Benefit Overpayments

Council Tax and Benefits Service. Debt Recovery Processes Council Tax and Housing Benefit Overpayments Council Tax and Benefits Service Debt Recovery Processes Council Tax and Housing Benefit Overpayments Version Control Version Revised by Date Description 1 Andi Frangeskou May 2015 Original issue 2 3 1.

More information

Guide to Insolvency Statistics

Guide to Insolvency Statistics Guide to Insolvency Statistics Last reviewed: April 2016 Contents 1. Introduction... 3 2. Company insolvency in the United Kingdom... 4 2.1 Introduction... 4 2.1.1 Types of company insolvency... 4 2.2

More information

Debt Solution Overview 2

Debt Solution Overview 2 Contents Debt Solution Overview 2 Debt Management What is a Debt Management Plan? 3 What are the benefits of a Debt Management Plan? 3 How does it work? 3 What debts can be included in a plan? 4 What debts

More information

Money Matters: What you need to know about debt. What is debt?

Money Matters: What you need to know about debt. What is debt? What is debt? Debt is a sum of money owed to another person or organization. A debt can be in the form of a: Bank loan Rent arrears Utility bill debts Over draft with bank account Failure to pay council

More information

customer debt recovery

customer debt recovery policy customer debt recovery Responsible Officer: Assistant Chief Executive Neighbourhoods Approved: March 2017 Review Date: August 2015 Version: 2 Date Ratified: March 2011 Scope: Incommunities Incommunities

More information

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. SCOTLAND Examination 6 June 2014

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. SCOTLAND Examination 6 June 2014 INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY SCOTLAND Examination 6 June 2014 INSOLVENCY (3 HOURS) Part A: Part B: Part C: Part D: All questions to be answered

More information

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents August 2012 Volume 39: Issue 8 ISSN 0790-4290 Contents Relate The journal of developments in social services, policy and legislation in Ireland Page No. 1 Personal Insolvency Bill 2012 This issue deals

More information

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Debtfocus Business Recovery & Insolvency Ltd In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Content highlights Before you read this guide in detail, you

More information

CAS was represented on both the Debt Action Forum and the Repossessions Sub-Group, and thus broadly welcomes the findings reached by these groups.

CAS was represented on both the Debt Action Forum and the Repossessions Sub-Group, and thus broadly welcomes the findings reached by these groups. Home Owner & Debtor Protection (Scotland) Bill Stage 3 Debate February 2010 Summary Citizens Advice Scotland (CAS) strongly supports the measures proposed in the Bill which would have a positive impact

More information

A Guide for Creditors

A Guide for Creditors A Guide for Creditors Contents 1. About this guide... 3 2. What is The Insolvency Service?... 3 3. What is insolvency?... 3 4. What are the insolvency procedures?... 4 5. Who deals with the insolvency

More information

Bankruptcy July 2016

Bankruptcy July 2016 Bankruptcy July 2016 What is bankruptcy? Bankruptcy is one method of dealing with debts you cannot pay. If you are declared bankrupt your assets will be shared among your creditors and, after a period

More information

Trust Deed Equivalents in Australia, Canada and the U.S.

Trust Deed Equivalents in Australia, Canada and the U.S. Trust Deed Equivalents in Australia, Canada and the U.S. Australia A personal insolvency agreement (PIA) under Part X of the Bankruptcy Act 1966 is a way for a debtor to come to an agreement with their

More information

Debt Advice Self help guide

Debt Advice Self help guide Advice Shop Debt Advice Self help guide If you are having problems with debts, making ends meet and paying your bills, then this guide is for you. It explains the steps you can take to sort out your money

More information

Debt Options Information guide

Debt Options Information guide Debt Options Information guide Debt & Money Advice Support CIC (DMAS CIC) is authorised and regulated by the Financial Conduct Authority FRN: 631799. A company registered in England & Wales 9203918. 1

More information

North East Lincolnshire Council. Debt Management Strategy

North East Lincolnshire Council. Debt Management Strategy North East Lincolnshire Council Debt Management Strategy Section Title Page No 1. Introduction 2. General Principles 3. Principles common to all debts 4. Principles of Enforcement 5. Strategy specific

More information

DRN. Guide to a Debt Relief Notice

DRN. Guide to a Debt Relief Notice nseirbhís Dócmhainneachta na héirea DRN Guide to a Debt Relief Notice n Insolvency Service of Ireland A Debt Relief Notice enables an eligible insolvent debtor with limited disposable income and assets

More information

SCOTTISH INSOLVENCIES IN THE THIRD QUARTER OF 2008/09

SCOTTISH INSOLVENCIES IN THE THIRD QUARTER OF 2008/09 SCOTTISH INSOLVENCIES IN THE THIRD QUARTER OF 2008/09 Statistics showing insolvencies in the third quarter of year ending 31/3/09 are published today, 21 January 2009, by the Accountant in Bankruptcy.

More information

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner. Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter

More information

Debt Arrangement Scheme Review 2008

Debt Arrangement Scheme Review 2008 Debt Arrangement Scheme Review 2008 0 Contents 1. Executive Summary... 2 2. Background... 3 3. The DAS Process... 4 4. Methodology... 5 5. Findings... 6 5.1 Level of Take Up... 6 5.2 Creditor Profile...

More information

BANKRUPTCY AND DEBT ADVICE (SCOTLAND) BILL: STAGE 1 SUBMISSION FROM MONEY ADVICE TRUST

BANKRUPTCY AND DEBT ADVICE (SCOTLAND) BILL: STAGE 1 SUBMISSION FROM MONEY ADVICE TRUST BANKRUPTCY AND DEBT ADVICE (SCOTLAND) BILL: STAGE 1 SUBMISSION FROM MONEY ADVICE TRUST About the Money Advice Trust The Money Advice Trust (MAT) is a charity formed in 1991 to increase the quality and

More information

LIQUIDATION UNDER CHAPTER 7 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES 1

LIQUIDATION UNDER CHAPTER 7 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES 1 LIQUIDATION UNDER CHAPTER 7 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES What is a Chapter 7 bankruptcy case and how does it work? A Chapter 7 bankruptcy is a proceeding under federal law in which

More information

South Lanarkshire Council Debt Recovery Policy

South Lanarkshire Council Debt Recovery Policy South Lanarkshire Council Debt Recovery Policy If you need this information in another language or format, please contact us to see how we can best meet your needs. Phone 0303 123 1015 or email equalities@southlanarkshire.gov.uk

More information

Declaring Personal Bankruptcy

Declaring Personal Bankruptcy Declaring Personal Bankruptcy DECLARING PERSONAL BANKRUPTCY A declaration of personal bankruptcy doesn t carry the stigma it once did but it is, nonetheless, an admission that one is no longer able to

More information

KEY MORTGAGE INFORMATION & EXPLANATIONS

KEY MORTGAGE INFORMATION & EXPLANATIONS KEY MORTGAGE INFORMATION & EXPLANATIONS THE SOCIETY Within this document reference to we us and our refers to the Society, full details of which are: Tipton & Coseley Building Society, 70 Owen Street,

More information

EDf EnErGY trust. APPLiCAtion for financial ASSiStAnCE WHO CAN APPLY FOR A GRANT? HOW CAN THE TRUST HELP?

EDf EnErGY trust. APPLiCAtion for financial ASSiStAnCE WHO CAN APPLY FOR A GRANT? HOW CAN THE TRUST HELP? EDf EnErGY trust APPLiCAtion for financial ASSiStAnCE BEforE CoMPLEtinG the APPLiCAtion form, PLEASE CArEfULLY read the notes BELoW. When you have completed the application form, you should detach these

More information

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members of the IVA Standing Committee for

More information

Cheshire West & Chester Council

Cheshire West & Chester Council Cheshire West & Chester Council Debt recovery code of practice 1.0 Introduction 1.1 This code of practice underpins Cheshire West and Chester Council s corporate debt policy and sets out the approach adopted

More information

MORTGAGE ACTIONS. FAQs. BANKRUPTCY PROCEEDINGS IN THE HIGH COURT Frequently Asked Questions (FAQs) www.supremecourt.gov.sg

MORTGAGE ACTIONS. FAQs. BANKRUPTCY PROCEEDINGS IN THE HIGH COURT Frequently Asked Questions (FAQs) www.supremecourt.gov.sg www.supremecourt.gov.sg MORTGAGE ACTIONS BANKRUPTCY PROCEEDINGS IN THE HIGH COURT Frequently Asked Questions (FAQs) FAQs SUPREME COURT 1 Supreme Court Lane Singapore 178879 This pamphlet contains only

More information

SPICe Briefing Bankruptcy (Scotland) Bill

SPICe Briefing Bankruptcy (Scotland) Bill The Scottish Parliament and Scottish Parliament Infor mation C entre l ogos. SPICe Briefing Bankruptcy (Scotland) Bill Abigail Bremner 4 November 2015 15/69 This briefing looks at the Bankruptcy (Scotland)

More information

REQUEST FOR COURT RULES ACCOUNTANT IN BANKRUPTCY PAPER

REQUEST FOR COURT RULES ACCOUNTANT IN BANKRUPTCY PAPER REQUEST FOR COURT RULES ACCOUNTANT IN BANKRUPTCY PAPER Purpose: 1. This is a policy paper for the Scottish Civil Justice Council on the changes being made by the Bankruptcy and Debt Advice (Scotland) Act

More information

DEBT RECOVERY POLICY

DEBT RECOVERY POLICY DEBT RECOVERY POLICY OBJECTIVE 1.1 The objective of the Debt Recovery Policy is: To ensure that money owed to the Comhairle is collected as soon as possible using efficient, effective and fair debt recovery

More information

Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY

Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY BUSINESS DEBTLINE Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY FACT SHEET NO. 10 NORTHERN IRELAND What is bankruptcy? Bankruptcy is a way of dealing with debts that you cannot pay.

More information

COUNCIL TAX COLLECTION POLICY

COUNCIL TAX COLLECTION POLICY COUNCIL TAX COLLECTION POLICY Bradford Council recognises that all households are experiencing financial pressure through reduced income and increasing inflation and energy costs. This will inevitably

More information

A Guide to a Debt Relief Notice ( DRN )

A Guide to a Debt Relief Notice ( DRN ) A Guide to a Debt Relief Notice ( DRN ) May 2013 Contents Introduction... 3 What is a DRN?... 3 Eligibility... 3 Debts which CAN be included in a DRN... 4 Key Features of a DRN... 5 Main steps in the process...

More information

DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you MONEY ADVICE LIFESTYLE BUDGETING

DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you MONEY ADVICE LIFESTYLE BUDGETING DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you BUDGETING LIFESTYLE MONEY ADVICE START LIVING AGAIN WELCOME TO PAYPLAN At PayPlan, we

More information

Revenues' Recovery Policy

Revenues' Recovery Policy Revenues' Recovery Policy Introduction This document sets out Birmingham City Council s policy in relation to the recovery of unpaid council tax. The powers for the recovery are contained within the Council

More information

ALTERNATIVES TO BANKRUPTCY DEBT AGREEMENTS CONTENTS

ALTERNATIVES TO BANKRUPTCY DEBT AGREEMENTS CONTENTS ALTERNATIVES TO BANKRUPTCY DEBT AGREEMENTS CONTENTS Debt Agreement Defined 2 Mutually Exclusive with Bankruptcy 2 Eligibility to Enter a Debt Agreement 3 Eligible Administrators 4 Basic Eligibility Test

More information

The Debt Arrangement Scheme Improving Access

The Debt Arrangement Scheme Improving Access Consultation by the Scottish Government Submission from the Association of British Credit Unions Limited (ABCUL) Details Name Frank McKillop Job Title Policy Officer (Scotland) Organisation Association

More information

We have over 20 years experience of helping people just like you. We are the only small business debt advice charity operating in the UK.

We have over 20 years experience of helping people just like you. We are the only small business debt advice charity operating in the UK. Freephone 0800 197 6026 www.businessdebtline.org Debt relief orders (DROs) What this fact sheet covers This fact sheet tells you when a debt relief order may be a good option for you to deal with your

More information

Money Management Team Limited Limited Service & Fee Agreement

Money Management Team Limited Limited Service & Fee Agreement Money Management Team Limited Limited Service & Fee Agreement These Terms of Business set out the agreement between you and us. Please ensure that you read them all carefully. If you do not understand

More information

Important information to help people in mortgage arrears

Important information to help people in mortgage arrears Important information to help people in mortgage arrears September 2015 Contents Talk to your Lender Talk to your Lender 3 Explore your Options 4 Contact a Trusted Third Party for Advice - MABS (Money

More information

Bankruptcy Scenario 4

Bankruptcy Scenario 4 Bankruptcy Scenario 4 TO HELP EXPLAIN SOME OF THE CONCEPTS CONTAINED IN BANKRUPTCY, THE INSOLVENCY SERVICE OF IRELAND (ISI) HAS CREATED SOME POSSIBLE SCENARIOS TO ILLUSTRATE HOW THE PROCESS MAY OPERATE

More information

Trustees and Liquidators in Bankruptcies and Compulsory Liquidations

Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Information on the appointment, functions, powers and payment of trustees and liquidators, and their complaints procedure. Contents

More information

A guide to compulsory liquidations

A guide to compulsory liquidations A guide to compulsory liquidations Introduction A compulsory liquidation is one instituted by the Courts as a result of a petition to the court by an interested party. The appropriate Courts for such actions

More information

Application form Residential Mortgage

Application form Residential Mortgage Application form Residential Mortgage Intermediary details This section requires details of any Broker, Packager, Sub broker, or Network who has an interest in this application. THIS PAGE MUST BE COMPLETED

More information

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable

More information

Your Guide to Bankruptcy for Individuals

Your Guide to Bankruptcy for Individuals Consumer Legal Guide Your Guide to Bankruptcy for Individuals ILLINOIS STATE BAR ASSOCIATION ASK A LAWYER WHAT IS BANKRUPTCY? Bankruptcy is a court proceeding that is governed by the federal law known

More information

Taxes are dealt with and collected by HM Revenue and Customs (HMRC). There are different types of tax, which include those listed below.

Taxes are dealt with and collected by HM Revenue and Customs (HMRC). There are different types of tax, which include those listed below. Freephone 0800 197 6026 www.businessdebtline.org Income tax debt What this fact sheet covers This fact sheet tells you about how to deal with income tax arrears owed to HM & and Customs (HMRC). It explains

More information

Alternatives to bankruptcy

Alternatives to bankruptcy Alternatives to bankruptcy Contents Introduction... 3 You do not have to become bankrupt just because you are in debt.... 3 Informal Arrangements?... 3 Informal arrangements, also known as 'family arrangements'

More information

MABS Guide to the Personal Insolvency Act, 2012

MABS Guide to the Personal Insolvency Act, 2012 MABS Guide to the Personal Insolvency Act, 2012 DISCLAIMER: This Guide is for general information purposes only and does not constitute legal, financial or other professional advice. Specific advice should

More information

In Debt. Dealing with your creditors

In Debt. Dealing with your creditors In Debt Dealing with your creditors 0 This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members

More information

CONSULTATION RESPONSE

CONSULTATION RESPONSE CONSULTATION RESPONSE Bankruptcy law reform May 2012 Introduction The FSB is Scotland s largest direct-member business organisation, representing around 20,000 members. The FSB campaigns for an economic

More information

Personal Insolvency Service

Personal Insolvency Service Personal Insolvency Service W.O. McGrory & Co offers a specialist service to individuals and company directors experiencing personal financial problems that need the assistance of professional intervention.

More information

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND This guide applies to all appointments on or after 6 April 2006. Any creditor requiring guidance on a case where the Insolvency Practitioner

More information

Unofficial Consolidation

Unofficial Consolidation CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) REGULATIONS 2015 (S.I. No. 585 of 2015) Unofficial Consolidation This document is an unofficial

More information

Bridgewater Housing Association Ltd Policy

Bridgewater Housing Association Ltd Policy Bridgewater Housing Association Ltd Policy Approved committee on by 5 August 1998 31 March 1999 26 April 2000 25 September 2002 30 November 2005 17 December 2008 Review Date: 16 December 2011 Ref: Arrears

More information

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals Bankruptcy a guide for unsecured creditors Association of Business Recovery Professionals Bankruptcy An individual is made bankrupt as a result of a petition presented to the court, usually because he

More information

Alternatives to Bankruptcy

Alternatives to Bankruptcy www.insolvency.gov.uk Alternatives to Bankruptcy Bankruptcy is a serious matter. If you are made bankrupt you will have to give up, with limited exceptions, any possessions of value and your interest

More information

The Basics of Bankruptcy and Insolvency Law. Jeffrey C. Carhart

The Basics of Bankruptcy and Insolvency Law. Jeffrey C. Carhart The Basics of Bankruptcy and Insolvency Law Jeffrey C. Carhart TYPES OF INSOLVENCY PROCEEDINGS Liquidation in Bankruptcy Proposals in Bankruptcy involving re-organizations or going concern sales Re-organizations

More information

Business Debtline www.businessdebtline.org 0800 0838 018

Business Debtline www.businessdebtline.org 0800 0838 018 BUSINESS DEBTLINE Business Debtline www.businessdebtline.org 0800 0838 018 INDIVIDUAL VOLUNTARY ARRANGEMENTS FACT SHEET NO. 1 NORTHERN IRELAND What is an individual voluntary arrangement (IVA)? a sole

More information

Better debt solutions Options for change. Meg van Rooyen, Policy Manager Money Advice Trust March 2015

Better debt solutions Options for change. Meg van Rooyen, Policy Manager Money Advice Trust March 2015 Better debt solutions Options for change Meg van Rooyen, Policy Manager Money Advice Trust March 2015 Options for change Welcome DRO revisions to allow debts up to 20,000 and increase asset limit to 1,000

More information

2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors.

2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors. Miles and Dowler, A Guide to Business Law 21st edition Study Aid Chapter summaries Chapter summary ch 17 debt recovery and bankruptcy A. The purpose of bankruptcy proceedings 1. An insolvent person is

More information

A Guide to a Debt Settlement Arrangement ( DSA )

A Guide to a Debt Settlement Arrangement ( DSA ) A Guide to a Debt Settlement Arrangement ( DSA ) May 2013 Contents Introduction... 2 What is a DSA?... 2 Eligibility... 3 What Type of Debts may or may not be included in a DSA?... 4 The DSA Process...

More information