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Residents of Scotland who are struggling to repay their debts may have the option of entering into a protected trust deed with their creditors. This formal debt measure is an agreement between you and those that you owe money to (known as your creditors). Itâ€™s a popular alternative to bankruptcy (sequestration) for those living in Scotland.
We offer you expert debt advice on this effective type of solution via our featured experts, our online forum, and our in-house team of qualified debt advisers. Each of these resources can help you to tackle your debts effectively.
Youâ€™ll agree to pay an affordable amount of money each month for a defined period (which is usually four years). Once youâ€™ve completed your obligations to your Scottish protected trust deed and have been discharged, all of the creditors included in your debt arrangement must write-off your outstanding debt balances.
Once your proposals have been agreed by your creditors, you will be legally protected from them. Interest on the debts will be frozen in most instances. Once this legally binding debt arrangement has run its course, creditors can no longer pursue you with debt collection measures instigated via the courts. You can move on with your life.
People therefore choose such debt solutions to take control over mounting debts that are no longer affordable. It becomes a platform to clear them for good. Stresses and worries may subside once a workable debt solution has been put in place.
It might be the right option for you, but there are risks associated with entering into protected trust deeds in Scotland. These can include releasing equity from your home to help pay off debts, or incurring a poor credit rating for a number of years after the term has ended. For reasons such as these, it is important that you seek professional debt advice before entering into any formal agreement.
Many of the companies claiming to offer you â€śimpartial adviceâ€ť really arenâ€™t doing any such thing. Ensure that you seek debt help from people who have both professional qualifications and experience in this field. Take enough time to make yourself aware of all the potential implications that will be applicable to you and to your family.
This website exists to help with that process â€“ we bring insolvency experts and people in debt together so they can talk openly about finding effective solutions for debt problems.
On this website youâ€™ll find our popular protected trust deed forum. If you have a question regarding any debt scenario or debt solution, then please join our forums and communicate directly with the debt experts who answer your questions there.
A number of experienced industry insiders take part in daily discussions, offering expert advice to forum participants. Reading the advice provided by our qualified and experienced debt professionals is an excellent method of finding out everything you need to know regarding this type of personal financial difficulty. You can also call our debt advice line on 0141 249 0416, or get in touch with us using one of the contact forms on this site.
If you proceed with this form of debt resolution, certain debt arrangement schemes, sequestration, or certain debt management plans - fees will apply. For further details about these fees (and the work that is conducted) click here. Your ability to obtain further credit will be affected by most debt solutions; for further details click here. Other sources of debt advice exist; click here for further details. You may wish to visit the Accountant in Bankruptcy website to review impartial information about debt and the different solutions. You may also wish to read the Money Advice Serviceâ€™s guide to finding free debt help here. Calls to our 0800 telephone number from mobile phones and some networks may be charged - we will call you back if you ask us to. Warning: If your protected trust deed fails you will remain liable for the balance of your debt and the insolvency practitioner fees and costs incurred (if they chose to seek payment from you). In certain circumstances, failure of the plan might result in your sequestration (bankruptcy) or a refusal to discharge you.