If you are living in Scotland, and struggling from paying off debts, then Trust deed Scotland is the right choice. It is a debt management solution, that helps 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. Once the period is over, all the debts are written off leaving you with no more stress.
With a Protected Trust Deed, you will not have to directly deal with the creditors and your IP will handle all the settlements, as per the terms and conditions of the agreement, no creditor can 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 concern. To be eligible to sign up for debt advice, you should have a minimum unaffordable debt of £5,000, and after 4 years of completion, the remaining debts will be written off by the creditors.
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.
Debt Write Off
Old Repayments
For 48 Months
New Repayments
For 48 Months
| 1 | Personal Loan | £9,000 |
| 2 | Credit Card | £6,500 |
| 3 | Council Tax | £4,500 |
| 4 | Overpayments | £5,300 |
| 5 | Overdraft | £700 |
| Total Debt | £26,000 | |
We offer unique and personalized services which are related to your situation and that will benefit you on a different level. We mainly focus on the individuals and solve the financial crises regardless of the circumstances.
Before applying for the debt management solution, make sure you satisfy all the eligibility criteria. The UK government has put forward a few qualifying benchmarks that have to be satisfied and qualified in order to avail of the service.
The individual applying should be at least 21 years of age to get qualified.
The applicant has to be a legal UK resident, only then he is eligible for the service.
An individual has to have a permanent UK address as proof of staying in UK.
In order to get qualified for the service, the applicant has to have a regular income.
An active bank account will get the individual qualified for the service easily.
The applicant applying for the service should not have been bankrupt in the past year.
It will be difficult to obtain credit in the future as firms will measure the risk based on credit history.
At the end of the time period. all the debts or liabilities that are included will be written off.
In this process, you might have to sell some of the things that you own like a house or a car.
Anyone can access and search for individuals under insolvencies as it is entered in a public register.
We know that it is difficult to be stressed under debts, so we provide the most convenient way to clear your debts. Your situation will be thoroughly analyzed by the Insolvency Practitioner from our connections before giving you a plan of action.
Submit all your required details through the online form.
Get connected with the legal Insolvency Practitioner regarding debt advice.
Start paying off the debts according to the plan to become debt-free.
Easily write off excessive debts