Scottish Trust Deed

Have debts got on top of you? Are creditors banging on the door. This can be a nightmare situation and can affect your health, family life, work, and relationships.

Scotland: Trust Deed Solution

In Scotland fortunately, there is a system to help both parties – the debtor and creditor. The debtor cannot afford to fully repay; the creditor who is chasing for recovery or partial recovery of the moneys owed to them.

Basically, the trust deed is a compromise deal between the debtor and creditor(s). The formal insolvency process requires a trust deed. A regulated person called the Trustee is appointed to arrange the Trust deed between the Debtor and Creditor. A trustee typically works together with a team at an insolvency practise, accountancy firm or a specialist trust deed provider.

Before going down this route take debt advice from a suitably qualified debt or trust deed adviser. Be aware how this might affect your extra income, your car, or your home. If you wish to pursue a trust deed, then you need to find a trust deed firm, such as trustdeedscotland.uk.com  to commence the process.

How long does the process take?

They will evaluate your personal circumstances, and construct the trust deed documentation. Signing this document means you are legally committed. The trustee will present the proposals to all your known creditors. Following agreement with creditors the proposal will be published in the Edinburgh Gazette to alert any additional creditors who may not have received the proposals. After 5 weeks the deed will become a Protected trust deed if there are no objections.

At this point your unsecured creditors will not be able to use legal recovery procedures to recover debts from you.

NB: Make sure you get independent financial advice before committing to the Deed.