Best Trust Deed Scotland

Trust Deeds for People in Scotland

There is not many feelings worse than having debt you cannot afford to repay. While sometimes they happen because of bad decisions, sometimes it is just because of bad luck. Either way, you need to get it sorted out and stop the pressure of being scared to answer the telephone or the door. If you are in Scotland you are in luck.

People in Scotland are more fortunate when it comes to debt because the government has been proactive helping people that are debt laden. This has meant that in Scotland the amount of debt is lower than the rest of the UK. Also the Scottish legal system is independent from the UK and the Scottish people have better options.

There are a variety of options you can take to pay of your creditors. Every solution varies from person to person depending on your financial situation however one of the best as long as you reach the criteria is a Protected Trust Deed.this is not the same as the LILA sequestration for people with low income low asset.It is an easier option and stops sequestration almost 9500 Scots go for this option each year.

Best IVA

England, Wales and Northern Ireland have something similar this is called an IVA, Individual Voluntary Arrangement though the Protected Trust Deed is a far better option and to understand that you need to understand about the Protected Trust deed.
Protected Trust Deeds are a good way to stay solvent when all other options are not suitable. When you have tried to pay your debt but just cant this must be unsecured debt. Your mortgage is not part of this. It is mainly for store cards, credit cards anything not secured. What they will do is put all the unsecured debt together.

Once all these debts are calculated the future trustee of your Protected Deed Trust will negotiate an arrangement with the creditors that they will be happy with and they will agree to write the rest of the debt off. It is not ideal for the creditors but they realise that a little is better than nothing.

Once the Protected Trust deed is put in place it will take six weeks to begin then you will receive only one monthly bill. The letters and phone calls will stop as this is law and the payments will only last for three years. It is five years with an IVA anywhere else in the UK.

The Protect Trust Deed does have an effect on your credit rating, although it will be paid in three years it will effect you credit rating for six years making it very hard for you to get credit. However it is still better than not paying anything back to your creditors.