If you are wrestling with your debt repayments and you qualify - it could be possible to re-negotiate your repayments with your creditors to a reduced monthly payment with a Scottish Trust Deed.
See if you qualify ⇨A Protected Trust Deed is a legal process accessible only to residents in Scotland and it offers debtors an alternative to bankruptcy. A Trust Deed enables those who are unable to repay their debts a way of establishing a monthly repayment schedule based on what the debtor can afford to pay. The Trust Deed will last for a specified period which is usually four years. When this specified term of the arrangement comes to an end, any remaining unsecured debts are usually written off.
Your protected Trust Deed is supervised by a licensed insolvency practitioner. The practitioner is responsible for all negotiations with your creditors and also for ensuring that you keep to the terms of the Trust Deed. A Trust Deed becomes a Protected Trust Deed once your creditors have agreed to the proposal. At least half of your creditors need to accept the proposal for it to go ahead, or creditors representing at least two thirds of your total debt. If a creditor doesn’t respond, it’s assumed that they’ve accepted the offer.
Once the Trust Deed is protected, your creditors they can no longer take action to collect the debt including chasing you for payments or starting court action. Instead of making payments directly to your creditors you’ll make a payment to your trustee managing the protected Trust Deed and they’ll distribute this to your creditors on your behalf.
Debts included in your Trust Deed will be cleared in a set time frame which is usually 48 months. Debts not included in a Trust Deed will still have to be maintained.
In most cases, a Trust Deed will last for 48 months provided your Trust Deed has not been extended. Once agreed with your creditors, all interest and charges will be frozen.
See if you qualify to reduce your debts into one affordable monthly payment
See if you Qualify ⇨