Formal Trust Deed
Formal Trust Deed
A formal Trust Deed is a legally binding voluntary arrangement that is used in Scotland and is similar to the Individual Voluntary Arrangement (IVA) used in the UK. A formal Trust Deed is carried out by a qualified Insolvency Practitioner who will act as a go between for you and your creditors with both best interests in mind. Using a formal Trust Fund could:
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Make you debt free in just three years – as long as you owe more than £10,000 in unsecured debt you could come to an arrangement with creditors and pay back what you can afford for a limited period
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Get your creditors off your back – let your Insolvency Practitioner take control of your debts and take the weight off your shoulders
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Write off up to 95 per cent of your debts, when the fixed period is over your outstanding debts will be cancelled
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Prevent your creditors from taking further action against you such as
Sequestration or
Bankruptcy by protecting your formal Trust Deed – if your creditors do not object within five weeks it will become protected
A formal Trust Fund could save you struggling to pay back thousands of pounds for years. Always speak to a specialist before going ahead with any debt management programme. For more information and to speak to one of our debt specialists, fill in the form below.