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Trust Deeds
What is a Trust Deed?
A Trust Deed is available to Scottish Residents only and is an alternative to sequestration (Bankruptcy) under The Bankruptcy (Scotland) Act 1985 as updated in the Bankruptcy and Diligence etc. (Scotland) Act 2007.
A Trust Deed takes into account the True Affordability of the Debtor therefore you will not be paying more than you can afford and the total amount to repay under a Trust Deed will be considerably lower than you actually owe.
A Trust Deed will allow the Debtor (The person in Debt) to make a formal proposal to clear his/her creditors over a certain period of time which is usually around 36 months once agreed by the Creditors.
Advantages of a Trust Deed?
Interest will stop on all your debts and your creditors will not be able to take any further action against you while on a Trust Deed.
Scottish Trust Deeds are easier and more flexible than Sequestration.
Your name and address details will not be published in the national press (It is actually published in the Edinburgh Gazette - a government publications but is not published in local newspapers.)
Scottish Trust Deeds give you the Debtor more control over your financial circumstances and more importantly your financial future.
To discuss the Scottish Trust Deed process further please call one of our experienced advisors now on Free Phone 0800 093 6505.
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