A Scottish government-run programme similar to a debt management programme
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An order a person in specific conditions applies for if they cannot repay their debts. Generally lasts for one year, during which time no creditors can take action and after which all debts are cleared. Granted by the Insolvency Service.
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A person in debt to an individual or organisation (creditor).
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Someone who undertakes to repay an financial obligation if the person who took out the obligation in the first place cannot or does not repay it. An example of this would be agreeing to pay someone's rent or loan on someone else's behalf
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A formal alternative to bankruptcy compromising a contractual arrangement with those owed money.
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A situation where a person cannot repay what they owe because their debts are greater than their assets.
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Available in Scotland and similar to a Debt Relief Order (DRO). An accountant in bankruptcy (AiB) uses the debtor's assets to repay creditors are writes off any unsecured debt after 12 moths.
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A consumer information service set up by the government to help people make informed financial decisions
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A loan taken out to pay for a property, usually over a long term such as 25 years.
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A facility that allows an account holder to withdraw more money than they actually have in their account.
