This section covers Trust Deeds in Scotland, sometimes referred to as PTD's and provides a guide to whether you qualify for a Trust Deed as an alternative to going Bankrupt.
What Is A Trust Deed?
Trust Deeds were introduced by the Scottish Government in the 1980's to help people struggling with their finances to regain control. They use Government legislation to agree an affordable monthly payment between you and your creditors.
A Trust Deed is a legally binding agreement between you and your creditors, where you make reduced payments to your debts as an alternative to bankruptcy.
A trust deed enables those who are unable to repay their debts a way of stopping legal action etc and getting a monthly payment in place that the debtor can
afford to pay. The trust deed wll usually last for four years, at the end of this time any remaining unsecured debts are usually written off.
Trust deeds are only available if you live in Scotland. If you live in England, Wales or Nortgern Ireland, then an IVA (Individual Voluntary Arrangement) is a similar solution.
Can I Get A Trust Deed?
You can apply for a trust deed providing you:
Two or more creditors
Struggling with payments
More than £5,000 of unsecured debt
Demonstrable proof of circumstances
Have lived in Scotland for at least 6 months
How do I start a Trust Deed?
You will firstly need to take the Trust Deed test to find out if you could qualify for a Trust Deed. An adviser will then work with you to determine your present financial situation.
Can I Get A Trust Deed?
Our panel of specialists can quickly advise whether you qualify for a trust deed. Simply call the team FREE on 0800 564 22 11. Alternatively take the online trust deed test and check if you qualify.
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