Do creditors have to accept a Trust Deed Scotland application?
Creditors do not have to accept an application for a Trust Deed in Scotland. A Scottish Trust deed application will fail to become protected if creditors representing over 33% of your total debt value or if over half of them object in writing within 5 weeks of receiving notice of the application.
What happens if my Trust Deed Scotland does not become protected?
Should your Creditors object to an application for a Trust Deed in Scotland there are other alternative debt help solutions available.
Do Scottish Trust Deeds affect your credit rating?
Having a Trust Deeds in Scotland will adversely affect your credit rating.
How long do Scottish Trust Deeds Last?
The term of a Scottish Trust Deeds can vary, but they usually last for 4 years.
Do I have to tell my employer?
No, Trust Deeds are a private and confidential matter between you, your Trustee and your Creditors. Provided you adhere to your agreement your appointed Trustee will not normally contact your employer. As some employees will be found to have breached their contract if they have signed a Scotland Trust Deed application or other formal debt arrangement scheme, you should review your current contract of employment prior to committing to any formal debt solution. Please contact Debt Advisory Services (Scotland) Limited for more information.
Who is eligible for a Trust Deed Scotland?
Trust Deeds are only available to individuals who are residents of Scotland.
What level of debt is required for Scotland Trust Deeds?
Trust deeds Scotland are best suited for individuals with high levels of debt. As with all forms of Scottish debt help solutions, Scottish Trust Deeds are only appropriate if they suit an individual’s personal and financial circumstances.
Can my Trust Deeds be cancelled once they have been set up?
Trust Deeds Scotland is a legally binding contract and as you cannot cancel your agreement once you have signed the application, you should consider other debt solutions and their associated advantages and disadvantages prior to making a commitment.
Can I include all my debts in Scottish Trust Deed?
Only certain unsecured debts can be included in a Trust Deed in Scotland.
Will I have to release the equity I have in my home?
Depending on the level of debt and equity involved, you may have to release the
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