Use Scottish Government Legislation To Write
Off Up To 90% Of Your Debt And Clear The
Remaining Balance In 36 Months

Does A Scottish Trust Deed Have Any Effect On Credit Scores?

Before entering into this type of agreement, it is essential to uncover the extent that a Scottish Protected Trust Deed will affect a credit score.  Repayment of this agreement will be made between a person and creditors.

 

A person must live in Scotland to meet eligibility requirements.  There are other rules as well.  A person must have a solid form of income.  The final agreement will be made by a Trustee.  It will be a result of the amount that a person will be able to afford.  A schedule for repayment is set and payments are made each month for 36 months.

 

A Trust Deed usually lasts for two or three years.  When the repayment process is completed, any debt that still remains will be written away.  The best part of this type of agreement is that the debtor is free from debt after the set amount of time.  Other options do not grant this type of freedom. This makes it an excellent alternative to bankruptcy.

 

It is vital that a person does not become over extended while repaying debt.  An individual must be honest with all financial affairs, so the trustee can create a repayment plan with suitable and affordable terms. The reason why this is so important is because after the agreement begins, it must be followed strictly by the rules.  No adjustments can be made at a later time.

 

There are some rules and requirements that must be followed before an agreement can be put into place.  The deed's Trustee will be responsible for making sure that all requirements are met. The agreement will be honoured between both parties. The Trustee will oversee the whole process until the case has been finished.

The Protected Trust Deed Scotland does have its own rules as well.  A debtor is responsible for repaying all lenders.  The Trustee must be made aware of all information to get an accurate picture about how much debt is owed.

 

There are numerous reasons why an individual will research the advantages associated with using a Trust Deed to settle financial obligations.  It has less complications than a bankruptcy case.  The legal fees are much lower and there are many less headaches to worry about, including the bothersome communication with creditors.  A Trustee will handle all issues that deal with lenders.  This will alleviate a great amount of headaches.

 

There are some negatives to consider before entering into this type of agreement.  One of the strongest negatives is that it has a poor effect on a credit rating.  After entering into a Trust Deed, a person's credit risk is much higher.

 

There are many considerations to be made when trying to understand how a Scottish Protected Trust Deed affects a credit score.  It majorly decreases the credit worthiness of the individual.  This is why it is essential to weigh all options before entering into such an agreement. 

 

It is smart to get advice on this subject before proceeding.  It will have a great affect on a person's future credit rating and will certainly impact future credit opportunities. However, it may be the only way to escape debt that keeps piling up.

 

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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