What is a Moratorium?

🛡️ Understanding Moratorium: Your Shield Against Creditor Pressure
In Scotland, a moratorium offers temporary protection to individuals facing financial difficulties:
Definition: A moratorium shields you from creditor actions for six months, providing breathing space to explore your financial options.
Debt Management: It's vital to note that a moratorium does not erase debt; interest and charges may still accumulate during this period.
Eligibility: To apply, you must reside in Scotland, have unsecured debts, and not be bankrupt or in another formal debt arrangement.
Application Process: While individuals can apply online, consulting an insolvency practitioner beforehand ensures it's the right step. Initial consultations are often free and informative.
Accountant in Bankruptcy: Applications are reviewed swiftly, typically within 24 hours, by the Scottish Government's Accountant in Bankruptcy.
Planning Ahead: Use the moratorium wisely by discussing long-term solutions early, especially if formal insolvency might be necessary.
Take charge of your financial future today-start the conversation with us to pave the way towards a debt-free tomorrow.
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