Write Off Your Exorbitant Debts
Lower Your Monthly Repayments
Legal & Safe Way To Reduce Debts
Although there are many different debt management services across the UK, their names, terms, and conditions differ from place to place, along with their terms & regulations. In Scotland, the Scottish Trust Deed is one of the most commonly availed. debt reduction plans. that help borrowers overcome their financial issues in a manageable way. With a Trust Deed, a licensed Insolvency Practitioner, referred to as the ‘Trustee’ will sort out your debt issues with your creditors and will work to convince them to write off your unaffordable debts, and the amount that will be paid by you to the Trust Deed will be in turn allocated appropriately amongst your creditors. With a Protected Trust Deed you will not have to deal directly with your lenders and your IP will handle all the settlements, as the terms of the agreement will clearly state that your creditors cannot chase you or keep calling you to make the repayments. As a debtor who has availed the debt help solution, you will be protected from any further legal action and your creditors will have to deal with the trustee for any matter or concerns.
So, if you live in Scotland and are dwelling in debts with absolutely no way of getting out of them, you could apply with SwiftDebtAssist and sign up for a Trust Deed which could help you get out of debt in a legal and protected way.
Trust Us With Your Debts And Start A Cleaner Financial Life
It might not be very clear as to how getting a Trust Deed could help you write off your debts and bring your finances back on track. So, we have put across a representative example that will assist you in understanding better about how a Protected Trust Deed works to reduce your debts.
Total Debt £26,000
Old Repayments For 48 Months
New Repayments For 48 Months
Debt Write Off
As aforementioned, the Trust Deed Scotland services are a type type of debt reduction plan where your unaffordable debts for which you make monthly payments are reduced to a single monthly payment that is affordable and is paid to the trustee. It is a safe solution that offers you full protection from your creditors and they will no longer be able to take any legal action against you. Also, you can have your assets like your car or your home protected from being seized by the lenders.
To be eligible to sign up for debt advice in Scotland and avail Scotland debt solutions, you should have a minimum unaffordable debt of £5,000, and after the time period is completed, which is usually 4 years for a Trust Deed, most pending debts will be written off by the creditors.
1. Submit Online - Fill the online form on swiftdebtassist.co.uk and submit it will all the required details which will be processed by reliable debt advisors.
2. Talk To An IP - You will be connected to a licensed IP who will study your debts & finances and will work to sort out your issues with your creditors.
3. Reduced Debts – If most creditors agree within 5 weeks with the proposal made by your IP, you will have to pay a decided amount to your trustee.
4. Debt Discharge – After completion of the Trust Deed period (usually 4 years), a discharge letter will be issued & your impending debts will be written off.
An individual who has unaffordable debts of more than £5,000 is a resident of Scotland, or has lived in Scotland for a minimum of 6 months before applying for a Trust Deed is eligible to apply for a Protected Trust Deed. The IP will consider many other criteria depending on the circumstances and will decide if the Scottish debt help services are the right debt reduction plan for you.
Typically, a Scottish Trust Deed will last for 4 years (48 months) during which you will have to abide by the regulations as mentioned in the legal agreement. Once all these obligations are completed as per the scheduled agreement, you shall be discharged from all your debts and any impending amount that you have to repay the lenders will be written off. Depending on the circumstances, if you repay earlier your term will be finished earlier, or if there are any genuine reasons, a longer period may be arranged.
One of the best things about availing the Trust Deed Scotland services is that you can protect your assets, and unless you agree to have them sold off in return to paying the creditors, it will not be taken from you. Even if your assets are not excluded under the legislation, you can make alternative arrangements like getting a remortgage, etc., and not sell your property. So, be it your home, your car, or your household items, you can have them protected accordingly.
Yes. Most debt help solutions, including the Scottish Trust Deed, will leave a temporary impact on your credit rating. With the Trust Deed, your credit rating will be affected until the end of the complete program. In the meantime, you cannot borrow any new credit, and you will have to make timely repayments according to the agreed upon schedule. By making your repayments on time, you can bring your credit ratings back on track.
Most Trust Deeds are arranged for a period of 48 months (4 years), and you will have to repay the scheduled amounts during this period. Any debts that are pending after this period will be written off, and you will be legally declared to be debt free. You will also be rewarded with a certificate of completion discharge, and your financial record will show that all your debts have been settled. With this declaration, your credit rating might start to improve with time.
For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money. Or find out more about the different options for paying off your debt here. IVAs are not available in Scotland. Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk