What is a Protected Trust Deed?
Information and help on this service has been contributed by our Trust Deed specialist sister company, Buchanan Roxburgh.
If you live in Scotland and have unsecured debts which you are struggling to pay a Trust Deed could be the ideal solution. Although there are a number of solutions which exist, there is no other financial arrangement that permits you the protection from your creditors, including the freezing of interest together with the affordability of a Protected Trust Deed.
A Trust Deed is a realistic way forward for Scottish residents who have genuine problems paying their debts but who want to avoid Sequestration - the Scottish equivalent of Bankruptcy.
A Trust Deed offers protection from your (unsecured) creditors. It is a legal agreement between yourself and your creditors which allows you to pay back just what you can afford, usually for a period of 36 months after which time the remaining debt is written off and you can look forward to a debt free fresh start.
Important Protected Trust Deed information:
- You only pay what you can reasonably afford to pay
- All interest and charges on your debts are frozen
- A Protected Trust Deed puts you in control of your finances
- Creditor pressure is removed
- There is no Court involvement
- When the Protected Trust Deed is completed all remaining unsecured debts included in the arrangement are written off
- Failure to adhere to a Protected Trust Deed may result in bankruptcy
Our dedicated team of expert debt advisors will help you with more Trust Deed information as well as advice on all of the options available subject to your individual financial circumstances. Please call us on 0800 294 6310.