Scotland Debt Help with Trust Deeds

A Scottish Trust Deed is a binding voluntary arrangement, available to residents of Scotland in place of Sequestration (Bankruptcy).

It is the same in principle to an IVA (Individual Voluntary Arrangement) which is available to residents of England and Wales.

Once agreed, your creditors will not be able to add any interest and/or additional charges e.g. wage arrestment, debt collectors and bankruptcy, to recover debts due to them to your Trust Deed account. It also protects you from other creditor demands and more importantly once it is complete, it enables you to write off the balance of your debt, which will take up to 3 years.

In order to finalise your Scottish Trust Deeds you will almost certainly have to release equity in your house into the Trust Deed. This is usually as part of the final settlement and will help clear off the debt once and for all. However, there are other options that can be triggered to protect your house such as “buy-back” or extra cash contributions.

If you are not able to keep up with repayments because of changes in your circumstances, then your trustee in the Trust Deed can request a variation to reflect your new circumstances. Likewise if you have come into a sizeable amount of money you should also tell your supervisor.

Just to sum up. A Trust Deed provides the following:

- Get rid of all the debt you can’t afford

- Make just one affordable monthly payment

- Be debt free, normally in three years

- Stop worrying about legal action by your creditors

- Avoid bankruptcy / sequestration

And to quality for a Debt Help Scotland Trust Deed and it’s advantages

If you are a resident of Scotland and struggling with unsecured debts of ten thousand pounds or more, a Trust Deed could be the perfect solution for you. You will know exactly how much it will cost you every month, and when your debts will be paid off.

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Saturday, May 2nd, 2009, by Andrew and is filed under "Keep at it ". Both comments and pings are currently closed.

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