Write Off Unaffordable Unsecured Debts With A Scottish Trust Deed...

What is a Protected Trust Deed?

Do you owe £10,000 or more and are having difficulty finding the money to pay lenders back? Have you already defaulted on your loan or credit card payments and are now being harassed by creditors?

If so, a Protected Trust Deed could be the lifeline you need to help you get your life back on track.

A Protected Trust Deed is a simple repayment arrangement between you and your creditors that is backed by law. It does not have the high costs and low returns of sequestration and is often a more attractive alternative options for your creditors to get back some of the money that you owe them.

It’s very similar to an Individual Voluntary Arrangement (IVA) but only available to Scottish residents.

A Protected Trust Deed allows you to pay back only what you can afford over 48 months while protecting you from the stressful and unpleasant demands of creditors. No more charges or interest are added to your debt, effectively freezing what you owe, and whatever unsecured debt is left at the end of your Protected Trust Deed is written off permanently.

The criteria for taking out a Protected Trust Deed are very simple:

1. You must be a fixed resident of Scotland and have been for more than six months.

2. You should owe a minimum of £10,000 of unsecured debt. Secured debts are not eligible for inclusion in a Protected Trust Deed.

3. You are in full-time employment.

So how does it work?

You take on an Insolvency Practitioner to act as your Trustee and, with their advice, compile a budget of your household expenses so you can arrive at a repayment figure you can afford.

Your Trustee considers all of your assets to see if any can be sold or their value freed up to release funds to your creditors and bring down the amount you owe.  The Trustee then undertakes the negotiations with your creditors while simultaneously applying to the courts to have your Trust Deed protected to prevent a creditor from sequestering you while completing the set up arrangements of your Trust Deed.

This is the most critical step in the whole process. The Protected Trust Deed will be granted if two thirds or more of your creditors by debt value agree to it.

Once your Trustee has your creditors' agreement on both the repayment figure and the protected status, your creditors will no longer deal with you and are legally obliged to contact only your Trustee. Every month you make an affordable payment to your Trustee and they distribute this payment to your creditors.

After 48 months of repayments, your obligation to your creditors will have been fulfilled and they agree to have your Protected Trust Deed discharged. Any debt that remains will be wiped clean and you will start your new debt-free life with a clean slate.

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