Debt Advisory Services (Scotland) Limited specialise in providing debt help in Scotland. We provide a service that conducts a full review of your personal circumstances and then offers the best debt solutions for your own specific circumstances.
One of the debt solutions that we offer to our clients is a Trust Deed. This is a legally binding agreement that is made between you and your creditors. In a four part series, we will be going into detail on what a Trust Deed is, what it involves, who is eligible, advantages and disadvantages, and how they can benefit you.
In part one, we will provide a brief overview of Trust Deeds.
So what exactly is a Trust Deed?
If you cannot afford to keep up payments on any loans or credit cards that you have, you might be advised to apply for a Trust Deed. This is an agreement which is legally binding, that is made between you and your creditor. The agreement will state that you will be paying an affordable monthly payment over a certain amount of time. It usually lasts for about 4 years, but a longer term might be discussed and considered. It’s on available to citizens of Scotland.
What’s a Protected Trust Deed?
Providing you meet certain conditions, your Trust Deed can be recorded in the Register of Insolvencies as a Protected Trust Deed. It’s essential that it is arranged by qualified and licensed Insolvency Practitioner. Once it’s protected, your creditors are unable to take any further action against you when it comes to the money you owe them. If you follow the rules of the Trust Deed and make your monthly payments efficiently, the balance of any unsecured debts can be written off at completion.
Can I take out a Trust Deed?
Not everyone is eligible for a Trust Deed, and it often depends on individual circumstances. Sometimes it might be that there is a better debt solution out there for you. It often depends on how long you have lived in Scotland, the debts that you have and how much you are struggling.
Keep checking back, as we will be going into more detail on the criteria for qualifying for a Trust Deed and other alternative options.
If you find yourself in debt and can’t find a way out of it, we can help. Just contact us on 0800 011 2322 and a member of our experienced team will be happy to make an appointment to meet with you.