If you're dealing with debt and are looking for a manageable way to solve that debt without being forced to declare bankruptcy, a Scottish Trust Deed could be the answer for you.
Before you decide how to deal with your debts, make sure you're familiar with the options available to you.
Managing debt with a Trust Deed
What is a Trust Deed?
A Scottish Trust Deed is a binding voluntary agreement that offers debtors in Scotland an alternative to bankruptcy.
If you're unable to repay your debts, a Scottish Trust Deed could help you set up an affordable monthly repayment schedule with the help of a Trustee.
Trust Deeds can only be given out to those people who do not have the income to meet their credit repayments.
Most Scottish Trust Deeds are set to a term, usually for three years, that has the debtor pay the monthly fee for that time and at the end of the contract the remaining debts are wiped free.
Even though Trust Deeds are considered informal in nature, there are still regulations on Trust Deeds and they might not be the right option for you.
Be sure to seek professional advice to make sure you get the best advice on setting up a Trust Deed and what it can mean for managing your debt. Legal Advice Helpline can put in you in touch with the most reputable companies.
Scottish debt services
A Trust Deed is similar to another form of debt management, an IVA (Individual Voluntary Arrangement).
Debt solutions in Scotland are different than those in England and Wales. For more information on Scottish Trust Deeds, Legal Advice Helpline has information on trust deed orders, how to get a trust deed and the Enterprise Act 2002.