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Definition Of A Protected Trust Deed

If a person owes more than £10,000 and is finding it hard to repay the debt, there may be something that can help.  A Protected Trust Deed may be the key to eliminating problems if a person has already defaulted on a loan and is still being harassed by creditors.

 

A Protected Trust Deed may be considered the last hope for many people.  It can help to get life back on the right path.

 

A Protected Trust Deed is an easy agreement between a person and creditors.  It is also backed by law.  It has low costs and is a good choice for creditors, when they want to recoup some losses.

 

It is quite similar to an Individual Voluntary Arrangement.  However, it is only open to residents of Scotland.

 

A Protected Trust Deed lets a person pay back the money that fits into a budget over three years of time.  An individual is also kept from the stress of receiving creditor demands.  There is no fees or interest added, so a person's account is essentially frozen.  Anything left at the end of the term is permanently written off. 

 

This is an excellent way to get back on the right financial track.

 

There are a few rules involved with receiving a Protected Trust Deed:

  1. An individual must reside in Scotland and have been there for over six months.
  2. A person must have unsecured debt over £10,000.
  3. A person must be employed at a full time job.

 

It is important to comprehend how this process works.

 

A person chooses an Insolvency Practitioner to hold the position of Trustee and follows the advice of this expert.  A household budget is examined and expenses are considered in order to uncover a reasonable repayment amount.

 

The Trustee will consider any assets that exist in order to uncover what can be sold to repay creditors.  This will lower the owed amount. A Trustee will negotiate with creditors and apply to the courts for protection.  This will keep a creditor from sequestering a person while the Trust Deed arrangements are completed.

This is the most important part of the process.  A Protected Trust Deed will be approved after at least two-thirds of lenders agree.

 

After the Trustee comes to an agreement with creditors regarding a repayment total and protected status, there will be no more personal contact.  All issues will be discussed with the Trustee. This means that harassing calls will stop. Each month, a person will pay the trustee who will distribute the money among creditors.

 

Following three years of payments, the obligation will be fulfilled.  The Protected Trust Deed will be discharged.  Anything that is still owed will be erased, so a person will begin a life free of debt. It is a great way to get back on the right track of financial freedom.

 

Do I Qualify For Trust Deed?

Answer a few simple questions on the form above and our system will see if you qualify to write off up to 90% of what you cannot afford to repay.

Do I Qualify?

Totally Debt Free In 4 Years!

A typical Trust Deed arrangement will last for 4 years (unlike an IVA which is 5 years) meaning you will be back on your feet with your finances faster!.

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