Use Scottish Government Legislation To Write
Off Up To 90% Of Your Debt And Clear The
Remaining Balance In 36 Months

Trust Deeds and Debt Management Plans: Two of the Most Popular Debt Solutions in Scotland

When a person has gotten to the point when sequestration is looking likely, a better alternative may be a Debt Management Plan. 

A representative will have a discussion with creditors in order to renegotiate the monthly Payments.  This will be based on the amount of money that is affordable.  These people may be able to arrange settlements and freeze interest or other charges.  When a person does not want to come face to face with creditors, it may be possible to pay one large sum and have it distributed correctly.

Is This The Correct Solution For Individual Debt?
This kind of debt help may help many people who live in Scotland.  There is no debt negotiation and a person will pay back all debt without it getting totally uncontrollable.

On the downside, it may take time.  This process often takes up to five years to complete.  Since it is not legally binding, a person may still be chased by creditors.  This means that if a person owes £25,000 and each monthly payment is £250, it may take eight years to complete a final payoff.  Creditors must be willing to be patient as well.

Are There Any Other Debt Options?
There is definitely more than one solution for debt management in Scotland. Trust Deeds are the same as Individual Voluntary Arrangements and are a vital piece of debt management.  They are legally binding and normally conclude in three years. A person will pay creditors an affordable amount every month.  The remaining debt will be written off.  An IP will make sure that all creditors will hold all charges and interest.  Creditors are not allowed to contact owers as well.  A person makes one payment and the IP will do the rest of the work.

This process is very serious and is often a last choice next to sequestration.  However, it is one of the most effective ways to get out of debt.  A person must meet certain requirement to qualify for this process.  Three quarters of creditors must agree to this process.  Since this is a legal agreement, all payments must be made in a timely fashion or creditors have the chance to begin the sequestration process.

Understand Other Solutions
A Good Scottish Deed professional will take the time to go through different options that are available. If this type of agreement is the only discussed solution, it may be wise to do further research beyond what is being offered.  The Recommended Firms on our website are committed to discussing all different avenues.

 

Do I Qualify For Trust Deed?

Answer a few simple questions on the form above and our system will see if you qualify to write off up to 90% of what you cannot afford to repay.

Do I Qualify?

Totally Debt Free In 4 Years!

A typical Trust Deed arrangement will last for 4 years (unlike an IVA which is 5 years) meaning you will be back on your feet with your finances faster!.

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