Residents of Scotland.
For residents of Scotland, the Scottish government have created a similar guide, the Debtors Advice Guide.
To Qualify for debt-write off in an IVA or Trust deed, you must have a minimum of £6,000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount between 25% & 75% is realistic, however the debt write-off amount for each customers differs depending upon their circumstances and is subject to the approval of their creditors.
Disclaimer: My Bailiff Advice (SW) Ltd does not administer debt products. You may be referred to our approved providers If we feel that this is appropriate and the best for your situation. My Bailiff Advice (SW) Ltd may be paid a referral fee for introducing you to one of our approved providers. Entering into any debt solution does mean your credit rating will be negatively affected. Default notices will be recorded on your credit file for 6 years. This will mean that you will find it difficult to get further credit for 6 years and until your debts are repaid or settled in full. If you chose to take one of the solutions our providers offers, there may be fees included. However you will be made aware of those before you contract in to any agreement, and you will be given plenty of time to think about what you want to do before making a decision. At no stage are you under any obligation and you are always protected by your consumer rights.
