A Trust Deed Scotland is a legal arrangement that helps you repay your unsecured debts. The arrangement allows you to make fixed monthly repayments over a fixed term, and the creditors write off the rest. It is a great option for those with serious debt problems who are struggling to make their monthly repayments, and who want a chance to regain financial stability.
Trust Deed Scotland has been in operation since July 2009, and is one of the most popular debt solutions providers in Scotland. They were one of the first companies to launch a television advertising campaign to educate people about their debt solutions. They recently launched a radio campaign to further promote their services. Trust Deed Scotland has received over 3,000 five-star reviews on Trustpilot.
When establishing a Trust Deed, the Trustee will calculate the monthly payments based on your disposable income. This is calculated by deducting the costs of essential living from your income. This amount is then used to pay your creditors. You can choose to include certain essential expenses in the calculation, such as childcare, food, haircuts, hobbies, and so on.
Trust Deed Scotland is a protected trust deed, and it is only available to people who live in Scotland. This type of debt relief is similar to an individual voluntary arrangement in England and Wales, but it is legally binding in Scotland. Unlike an IVA, protected trust deeds are protected, which means that a Trust Deed Scotland can help you avoid bankruptcy.
A Trust Deed will negatively affect your credit rating. Once it is recorded, it will stay on your credit record for six years. As a result, you will have to work hard to regain your good credit. A Trust Deed is an important part of your financial future, but it is also a very difficult decision for many people. It is emotionally draining to make this decision.
A Trust Deed is usually a four-year agreement, but it can be longer if you desire. After the term, your appointed Trustee will deliver a discharge letter to your creditors and the Accountant in Bankruptcy. This discharge is recorded in the Register of Insolvencies.
Trust Deed Scotland – What is a Trust Deed? was first seen on Help with My Debt