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A SCOTTISH TRUST DEED LETS YOU WRITE OFF
Some Advantages of a Trust Deed
- One affordable monthly payment.
- Up to 90% of the debt can be written off.
- All contact from creditors including legal action will stop once protected.
- All interest and charges are guaranteed to be frozen once protected.
Some Disadvantages of a Trust Deed
- You will be unable to obtain further credit while the trust deed is in place.
- Secured debts can’t be included into a trust deed.
- Your credit file will be adversely affected for 6 years from the date of protection.
- Failure to maintain the payments will result in the trust deed failing.
What is a Trust Deed?
A Protected Trust Deed in Scotland is a formal, legally binding arrangement between an individual and their creditors which usually lasts for a period of 4 years although a longer period can be considered depending on your individual circumstances. Once the trust deed has been protected all creditor contact will stop and no more legal action can be taken.
It is a legal agreement which can only be carried out through a licensed Insolvency Practitioner (IP) who will act as the Trustee. A trust deed allows you to repay your debts with an affordable monthly payment which is worked out by IP before entering into a trust deed, and is only available to residents of Scotland. At the end of the period any remaining debt is written off by creditors.
*If you are based in England or Wales an IVA may be a suitable alternative.