You may have seen an advert online offering government debt help, or government-backed schemes and assumed that it's the Scottish government themselves that you should contact for debt help.
People are misled by these adverts into thinking that these debt consolidation services are free or official. It is a wrongful suggestion that the creators of the adverts are running their ads on behalf of the government.
While it's true that Trust Deeds, Sequestration and the Debt Arrangement Scheme all use legislation created by the government, it is either a licensed insolvency practitioner or an approved money advisor that does the work involved.
The Accountant in Bankruptcy (AiB) is the Scottish government agency responsible for administering the process of personal insolvency and corporate bankruptcy, overseeing Protected Trust Deeds procedure, and administering the Debt Arrangement Scheme. The AiB implements, monitors, and reviews government policies and diligence.
In the case of full administration order or minimal asset process sequestration, if the AiB awards sequestration, they will appoint a trustee or act themselves as trustee if no-one else is appointed.
The Accountant in Bankruptcy reports to the Scottish Government's Minister for Business, Fair Work and Skills, who is Jamie Hepburn MSP.
The Financial Conduct Authority regulates the debt advice industry. Our FCA number is 820851. Whether you opt for a professional debt advice company or debt charity - you should always ensure their FCA authorisation level.
We're an FCA regulated 'firm that is given permission to provide regulated products and services.'