Scottish Trust Deed
Scottish Trust Deed
A Scottish Trust Deed is similar to an IVA in the UK. If you live in Scotland and are struggling with debts you cannot afford to pay back, you could use a Scottish Trust Deed to manage your debts. Put a trustee in charge of your debts and let them talk to your creditors to arrange your realistic payment plan. Pay back only as much as you can afford each month with a Trust Deed in Scotland. If you are at risk of losing everything you could ease the pressure and freeze the interest on your debts with Scottish Trust Deeds. Scotland has slightly different debt management solutions to the UK but they are essentially the same. Advantages of a Scottish Trust Deed include:
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A trustee takes control of your debts and speaks to your creditors relieving the pressure for you
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You could get rid of debts over £10,000 in just three years
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If you are granted a Protected Trust Deed your creditors will not be able to add further interest, charges or take any further action against you
Disadvantages of a Scottish Trust Deed include:
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It is a legally binding agreement and you must commit to it for the three years
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It could affect your credit rating
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You cannot be a company director
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You must declare all the funds you won, including material equity from your home
For more information about Scottish Trust Deeds, click on the link below and fill in the form to hear debt advice from one of our specialists.