Protected Trust Deed
(Debts Legally ‘Not’ Paid Back in Full)
This is a formal proposal administered through a Licensed Insolvency Practioner in Scotland to legally write off the debts you are unable to pay to your creditors.
You would normally have unsecured debts in excess of £8000 and qualify where your income cannot meet your debt repayments after allowing for normal day to day living expenditure. A trust deed can be signed in a number of days once referred by ourselves.
You only pay back what you can afford after living expenses, normally for a term of
three years – the remaining debt at this point is written off, regardless of the remaining sum still outstanding.
Note: Only after informal independent discussions on your behalf and with your agreement would we offer your case for acceptance and administration.
Once we refer your case to an Insolvency Practitioner they then act on your behalf and speedily contact your creditors. From the income and expenditure proposals we submitted from our earlier discussions on your behalf the IP puts a proposal to your creditors which are normally accepted and allow your Trust Deed to become Protected.
All costs to your IP are met from the affordable contribution we have submitted on your behalf.
| Advantages | |
| • | You only pay what you can afford over the term of the Trust Deed, (normally three years). |
| • | At the end of the trust deed term your remaining debt is legally written off. |
| • | You do not need to deal with or pay your creditors any more money than the agreed sum from the day you sign. |
| • | On protection of the trust deed, no legal action can be taken against you. |
| • | The arrangement is confidential between you and your creditors. |
| • | All administration is dealt with for you by your (IP) trustee leaving you free from this burden. |
| • | Your home can normally be safe guarded from outset. |
| Disadvantages | |
| • | Your credit rating will be adversely affected although this may already be the case with your existing creditors. |
| • | If your home has reasonable equity, some or all of it will be required to pay your creditors. However with current lower home values and mortgage penalties you may have nothing to pay what so ever. |
We offer protected trust deed solutions throughout the whole of Scotland covering all areas of Glasgow through to Hamilton, Motherwell, Coatbridge, Irvine and Ayrshire. We are also available in Aberdeen, Dundee, Falkirk and Stirling. First Debt Advice Scotland have meeting sites throughout Scotland, or can arrange a home visit.
Just pick up the phone Text you Name to 07786 522 831 or call our Freephone Number 0800 169 9945 or fill in our Enquiry Form and make the first step towards freeing yourself from debt.
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