How Does Debt Arrangement Scheme Work

[tiacoco]

Hi Can someone help explain how a debt arrangement scheme works in scotland as I am waiting for one to get approved money advisor is doing it for me said not to worry it's just a process will most of my creditors approve it as I am paying all money back just over longer period and it is government approved. 

Do most get approved as a formality so worried any advice would be helpful 

[Karamia]

I hope this was somebody you rang up for yourself to a trusted company and not a random cold call you received because I get scam calls about this almost every day wanting me to let them sort any debts into one easy payment etc 

[Buenchico]

From Citizens' Advice Scotland:
https://www.citizensadvice.org.uk/scotland/debt-and-money/debt-solutions/the-debt-arrangement-scheme-in-scotland/

In practice, most creditors know that they can't get blood out of a stone.  (i.e. there's absolutely no point in them refusing to have anything to do with such a scheme, and demanding immediate repayment in full, if you simply haven't got the money to pay them straight away).  So it's unlikely that your money advisor will encounter any major difficulties in getting the scheme set up for you.