What is Trust Deed Scotland?
If you are living in Scotland, and struggling from paying off debts, then Trust deed Scotland is the right choice. It is a debt management solution, that helps borrowers overcome their financial issues in a manageable way. With a Trust Deed, a licensed Insolvency Practitioner, referred to as the ‘Trustee’ will sort out your debt issues with your creditors and will work to convince them to write off your unaffordable debts, and the amount that will be paid by you to the Trust Deed will be in turn allocated appropriately amongst your creditors. Once the period is over, all the debts are written off leaving you with no more stress.
With a Protected Trust Deed, you will not have to directly deal with the creditors and your IP will handle all the settlements, as per the terms and conditions of the agreement, no creditor can chase you or keep calling you to make the repayments. As a debtor who has availed the debt help solution, you will be protected from any further legal action and your creditors will have to deal with the trustee for any matter or concern. To be eligible to sign up for debt advice, you should have a minimum unaffordable debt of £5,000, and after 4 years of completion, the remaining debts will be written off by the creditors.