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Write Off Unaffordable Debts Such as Loans, Credit Cards and Unsecured Debts.
Legislated Debt Solution A legislated arrangement between you and your creditors.
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Office free phone number 0800 088 2615
Office number 0141 380 2014
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- Write off all unaffordable debts
- Be debt free within 48 months
- Lift unaffordable wage arrestment’s/attachment of earnings
- Stop creditors contacting you
- Protect your home & car
- No set up fees
What you must know
How does a Trust Deed work? [Show]
- Can write off up to 90% of any unsecured debts
- Lift any wage arrestment’s/attachment of earnings/arrestment of bank accounts
- Stop creditors contacting & hassling you
- Stop creditors taking legal action against you
- Consolidates monthly payments
- Freezes all interest & charges
- Could reduce your monthly outgoings
- Peace of mind knowing when you will be debt free
- Allows you to keep your car
depending on your circumstances, Depending on value/finance
- Can affect your credit file
- You can’t take out more debt while in the Trust Deed
- Only unsecured debts are covered
- Your Trust Deed will be registered in – roi.aib.gov.uk
- You may have to change bank
- All assets will be considered
What is a Scottish Protected Trust Deed? [Show]
A Scottish Protected Trust Deed is a voluntary agreement between you & the people you owe money to who are unsecured (not secured an asset i.e. house/car) to pay them back an affordable amount over a set period of time. In order to do a Scottish Protected Trust Deed your debts must out way your assets or else they would be used to pay off your debt. Your disposable income will be used to contribute toward the Scottish Protected Trust Deed over a set period of time; this is usually 48 months but can vary. Our Insolvency Practitioners are licensed to carry out a Scottish Protected Trust Deed. Our licensed Insolvency practitioners are regulated by law and are members of an approved governing body. Creditors must agree to the Scottish Protected Trust Deed.
What are the consequences of signing a trust deed? [Show]
When going through the process for a Scottish Protected Trust Deed our Insolvency Practitioner will make sure they give all options & alternatives available to you such as;
Our Insolvency Practitioners will also give you a copy of the Scottish Government's Debt Advice and Information Package. A Scottish Protected Trust Deed can affect your credit rating and can prevent you from doing some forms of employment. There are fees included in your Scottish Protected Trust Deed & your trustee will make you aware of these as they are built into your monthly payments.
- Debt Arrangement Scheme
What happens to my debts? [Show]
All going well in terms of cooperation your trustee with send you a letter of discharge once the Scottish Protected Trust Deed has ended. A will also be sent to the Accountant in Bankruptcy and your discharge will be recorded in the Register of Insolvencies. When you are discharged from a Scottish Protected Trust Deed, you will be discharged from any unsecured debts that were involved when signing your Trust Deed. This means that your creditors are no longer allowed to pursue money that was owed to them when you signed the Scottish Protected Trust Deed. A Scottish Protected Trust Deed does not discharge you from the following kinds of debt:
- Fines, penalties, compensation and forfeiture orders imposed by any court;
- Any liability due to fraud;
- Any obligation to pay aliment;
- Student loans(SAAS); and
Money owed to someone who holds a security on your property, such as a mortgage or secured loan.
A Scottish Protected Example
Trust Deed payment over 48 months = £182
- Bank loan - £270
- Credit Card 1 - £133
- Credit Card 2 - £67
- Overdraft fees - £25
- Total debt level = £27645
- Current monthly debt payments = £495