Scottish Trust Deed orders tell your creditors that you've chosen to put your debts in the hands of a Scottish Trust Deed.
After meeting with a Scottish Trust Deed trustee, they can help you draft a proposal that will determine how much you can afford to pay your creditors each month. When the deed term ends, the remaining debt will be erased.
A Scottish Trust Deed will order your creditors to accept your payments and they will often oblige because they will receive more money than if you were to declare bankruptcy.
Accepting a Scottish Trust Deed order
In some cases, you could be ordered to take out a Scottish Trust Deed. If you are unable to control your debts, but you wish to avoid declaring bankruptcy, you could be told that a Scottish Trust Deed is your best option by a debt professional.
Scottish Trust Deeds are often the best option for dealing with mounting debts.
Though many people have been ordered by their creditors to declare bankruptcy, Scottish Trust Deed orders can be a better option for both creditors and debtors because they do not have long term effects.
Taking your debts under control
A Scottish Trust Deed order is a good option for both creditors and debtors to take mounting debts and begin to control and pay them off.
If a Scottish Trust Deed doesn't work for you, there are other options for paying off debts in an affordable manner. Trust Deeds are a Scottish version of an IVA or individual voluntary arrangement. You can read more about IVA's here.
We also have information on remortgaging, debt management plans and bankruptcy. Call Legal Advice Helpline on 0800 612 3042.