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| Main Theme | Topics | Posts |
|---|---|---|
| Scottish Trust Deed Forum – Scottish Trust Deed Forum | 58 | 128 |
| Debt Arrangement Schemes – Ask Questions about Debt Arrangment Schemes | 2 | 5 |
| Scottish Sequestration – Ask Questions Regarding Sequestration (Scottish Bankruptcy) | 2 | 5 |
| Scottish Debt Forum – Ask questions about debt, debt collectors and creditor information | 2 | 6 |
Who We Are
The purpose of this Trust Deed Scotland Forum is to provide a platform where residents of Scotland can discuss their financial difficulties, before during and after the Trust Deed has been completed.
Our fully trained and qualified advisers can answer questions on any consumer debt problems and we will always endeavour to answer you comprehensively and promptly.
What is a Scottish Trust Deed and how does it work
A Scottish Trust Deed is a formal, legally binding agreement between you and your unsecured creditors, which will in most cases last for a total of 3 years.
Before a Trust Deed begins, your Insolvency Practitioner (IP) would draw up a Trust Deed Proposal on your behalf, which would show your creditors what you could realistically afford to pay in a Trust Deed.
To be eligible for a Scottish Trust Deed, you must be able to pay regular reduced payments for the duration of the agreement. If you do this and your Trust Deed is approved by enough of your lenders they will agree to write off the portion of your unsecured debt that you can’t afford to repay once the Trust Deed has been successfully resolved.
For the proposal to become protected, the Trust Deed proposal would have to be accepted by voting creditors accounting for 67% or more of your total unsecured debt value. If it is accepted, the Trust Deed will become legally binding on all your unsecured creditors, including any who didn’t vote or those who voted against it.
In Scotland, there are other forms of Scottish Debt Help available that may actually be more advantageous for you depending on your situation and level of debt severity, including the debt arrangement scheme. It is advisable to get information on the Pros and Cons of Scottish Trust Deeds before you proceed with this and any other method and any decision to enter into personal insolvency should not be taken lightly, you could be repaying your debts for a number of years and therefore it is in your best interest to ensure that you are comfortable with the process and that your repayment proposal is realistic and affordable.
You may not be aware that should you fail to keep up the repayment terms of your agreed arrangement then you could ultimately be sequestrated (made bankrupt in Scotland).
Your local Citizen Advice Scotland bureau will give you free impartial money advice in Scotland and also most local authorities also have qualified advisers. Also consider that there are registered debt charities and also reputable commercial firms that you also seek immediate free guidance from. Readily available debt advice in Scotland is free and in most instances, without any obligation and completely transparent.
On this Trust Deed Forum, you can ask our advisors questions and we will give you free impartial advice. If you cannot find what you are looking for on the forums, you can leave your details and we will give you a call.