Debt problems can be particularly challenging for those who are self-employed or trading businesses as a sole trader or partnership.  Whether dealing with the bank, suppliers or HMRC, getting specialist help is paramount in order to navigate the best course, as options do exist to bring control of the situation back to individuals.  AMI Financial Solutions have many years of experience in providing expert knowledge and informed advice specifically for those based in Scotland.

All clients are different and it is important that solutions are tailored to individual circumstances, so we would strongly recommend you contact us if you are seeking a solution. Our advice is completely free and confidential.


Director of Ltd company struggling with personal debts due to pandemic severely impacting his income.  One creditor had already been to court and was threatening to take the next step and petition for the client’s bankruptcy in order to force the sale of his home. 

SOLUTION: Set up a Debt Payment Programme (DPP) under the Debt Arrangement Scheme (DAS) based on very low initial repayments but with an undertaking to increase payments once the client’s income returns to normal levels.  The proposals were rejected by the creditor that had taken action already, however the DPP became formally approved nevertheless, which meant that the creditor in question is legally barred from taking any further action and has to accept repayment by instalments over an 8-year period along with all other creditors.

Sole trader (handyman business) struggling with various debts including covid bounceback loans.  The underlying business was profitable, so the client wished to continue trading, but he was unable to cover debt repayments once sufficient funds had been set aside for his living costs.  Some assets owned for business purposes, including van and tools with high aggregate value, which would likely be lost in a bankruptcy leaving him with no means to earn an income

SOLUTION: Client entered into a Protected Trust Deed (PTD), paying an affordable amount each month for 5 years (standard 4-year term plus 1 extra year in order to be able to keep his tools and van).  Creditors are required to write off any remaining debt at the end of this period, which is likely to be a substantial amount.

Sole trader contacted us due to his significant self-assessment income tax arrears owed to HMRC, which were accruing several late payment penalties.  Client had tried to make a repayment agreement with HMRC but they were unwilling to accept the amount he felt he could afford to offer to pay each month.  

SOLUTION: A DAS DPP was set up and became approved despite HMRC rejection of the offer and as a result HMRC had to stop all further penalties and recovery action.