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Seeking help with debt can seem like a daunting prospect, however, if you are struggling to manage your money, then it is important to get advice from a professional. If you are looking for options to help you become debt-free, then one of the Scottish debt solutions open to you is a trust deed. Much like an Individual Voluntary Arrangement (IVA) in England, a trust deed will bring all of your debts into one place and set up regular monthly payments to help pay your creditors. When you decide to enter into a trust deed, your trustee will calculate how much you can afford to repay each month based on your disposable income. This means that once the agreement starts, you can rest assured that you will not be struggling to find the money to pay back your creditors. Another significant advantage to a trust deed is that at the end of the arrangement (usually after three years) any debts you have not repaid will be written off. Trust deeds are often preferable to bankruptcy because they do not require you to sell your assets to repay your creditors and do not have the same conditions attached to them, such as being unable to be a director of a company. However, certain conditions will be imposed on you when you apply for a trust deed, such as being disqualified from applying for any further credit for the duration of the arrangement. You have two choices when it comes to trust deeds in Scotland. These are between a protected and unprotected agreement. Most people go for the former option because this prevents all of your creditors from contacting you, including those that have not agreed the terms of the deed. Your trustee will deal directly with your creditors, allowing you to avoid the stress of receiving bills and demand letters on a regular basis. A further advantage to choosing a protected trust deed is that all the interest you owe on your debts will be frozen, preventing you from slipping further into debt while working to repay creditors. Much like an IVA in England, when your trust deed comes to an end you will be debt-free and able to carry on with your life without the legal and financial conditions and constraints that are imposed if you declare yourself bankrupt. If you're looking for help with debt, then Debt Options can help you find the right strategy to help you with your financial problems. Our team have over 11 years' experience of assisting with serious debt problems and have provided Scottish debt solutions to thousands of people.
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