How to Apply For a Trust Deed
If you are in Scotland, you can apply for a Trust Deed by following a few simple steps. The first step is to find a trust that suits your financial situation. Then, you can contact an adviser who will arrange a face-to-face meeting or phone call with you. They will be able to assess your financial situation and recommend a solution. Once you have met with an adviser, you’ll be asked to sign relevant documents and have a period of time to make your decision. You may have to attend more than one meeting before the Trust Deed is finalised.
A Trust Deed is a legally binding debt repayment arrangement that helps you manage your debts. It helps you pay back only what you can afford, and it helps you reach financial stability. It’s ideal for people who have too many debts and are finding it difficult to make the repayments every month.
Trust Deeds in Scotland can help you get your financial life back on track. A Trust Deed allows you to make affordable payments for four years, which is usually enough to pay off your debts. Once the Trust Deed is complete, your remaining debts will usually be written off and you can start fresh. As of January 2018, there were 8,743 Trust Deeds registered in Scotland, and 7,915 people used one. This makes it the most common formal debt solution in Scotland.
Once you’ve chosen a Trust Deed Scotland, you’ll need to determine your monthly repayment amount. This will be based on your disposable income, which is calculated by subtracting your essential living expenses from your income. The remaining money will then be used to pay your creditors. In addition, your monthly payment amount may also include a ‘contingency’ allowance, which means it may cover irregular expenses.
A Trust Deed Scotland can help you pay off your debts in just four years. This process is overseen by the Accountant in Bankruptcy, and is only available to those who live in Scotland. Once approved, a Trust Deed Scotland is a legally binding contract between you and a Trustee that freezes interest on debts and requires repayment over four years. At the end of the four-year repayment period, the remaining debts are written off and creditors no longer contact you or take any legal action against you.
If you live in Scotland and have more than PS3,000 in unsecured debts, you may qualify for a Trust Deed Scotland. In order to apply, you must be in full-time employment, have been a resident of Scotland for at least six months, and be able to afford at least PS100 a month towards your debts. Once you meet these criteria, you can apply for a Trust Deed in Scotland.
A Trust Deed Scotland is different from an IVA. It is protected by the courts. A Trustee is required to write to all creditors, giving them at least five weeks to object.
How to Apply For a Trust Deed was first seen on Help with My Debt