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Scottish IVA (Protected Trust Deed)

Get expert information on protected trust deeds and how they can help you take control of your debts. Complete the form for a call back or call us today and take the first step to getting on top of your debts.

Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk

Get back on track with 3 easy steps…

  • Check if you Qualify
    Check if you Qualify

    Simply get in touch and speak to one of our experienced Money Advisors to see if you qualify for any debt relief plans.

  • Consultation
    Consultation

    If you qualify for debt solution, you will then be contacted by our FCA authorised partners to discuss which options will be most helpful for you, This could be a DMP, IVA, Debt Settlement Plan, Trust Deed or other solution.

  • You Decide
    You Decide

    Once you have been advised of your options, you decide what you want to do. The Money Advisor service is free, confidential and no obligation.

Protected Trust Deeds

A Protected Trust Deed is a legal arrangement between you and your creditors, which gives you protection from creditors taking action against you to recover debts. (This is only available to Scottish Residents)

Once a Trust Deed has been established and is protected, creditors cannot add contractual interest or charges to any of your outstanding debt.

This means that at the end of the 4 year arrangement if you have made all your payments then any remaining debt on your account is written off allowing you to start fresh.

Pros & Cons for a Protected Trust Deed

Advantages
  • Payments are based on your circumstances and what you can reasonably afford to pay.
  • Your Trustee will contact your creditors, which will remove the pressure of unwanted phone-calls and letters.
  • The Insolvency Practitioner deals with all administration.
  • Once the Trust Deed has become “Protected” creditors cannot take legal action to recover their debts and are bound by the terms of the Trust Deed.
  • It allows you to regain control of your finances
  • All costs are met from your monthly contribution payments which you make into a bank account held in trust for creditors. The Trustees fees and expenses are agreed between him and your creditors and are deducted from your monthly contribution payment and, if appropriate, from the sale of any assets.
  • At the end of the Trust Deed, normally a period of 4 years the balance of the debts included I your Trust Deed will be written off.
Disadvantages
  • If you are a homeowner and have equity in your home this must be released to pay to your creditors. There are ways to do this without the need to sell your home, for example by re-mortgaging or by a third party or family member making payments on your behalf. Alternatively it may be possible to extend your monthly contribution payments at the end of the Trust Deed.
  • Creditors can vote against a Trust Deed becoming “Protected”.
  • There are certain professional bodies, which prevent members from signing a Trust Deed.
  • You may find it difficult to obtain credit in the future. Credit reference agencies will assess the level of risk based your on financial history which may include the Trust Deed.
  • Entering into an IVA, debt relief order or a protected trust deed means that your details will be entered onto a public register

A Trust Deed is only available to residents living in Scotland. If you’re currently living England, Wales and Northern Ireland you may be eligible for a IVA.

Trust Deeds Help & Advice?

A MoneyAdvisor oversees every Trust Deed. All you have to do is fill in our contact form to speak to our team or call Money Advisor on 0161 804 9999.

A Trust Deed is only available to residents living in Scotland. If you’re currently living England, Wales and Northern Ireland you may be eligible for an IVA.

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