A Scottish trust deed is a unique
and formal arrangement that helps you cease all existing payments to unsecured
debts you have. They can include loans, credit cards, bills, etc. that you are
finding difficulty in paying. With the help of this trust deed, you can have
them replaced with one single monthly payment. This is dependent on what you
can afford in actually and then paid over a time period of 4 years. This can be
more or less depending on the situation at hand. Immediately this trust deed is
completed, the rest of the debts not paid for within these 4 years are written
off.
These deeds are mostly similar to
an individual voluntary arrangement in Wales, Northern Ireland, and
England.However, they both have the very same aim. This is to help you stay
from debts and to help your creditors have their monies back. The actual
benefit of trust deeds is that they are handled by a registered insolvency
accountant known as a trustee. These trustees deal with all issues from
creditors. Therefore, they ensure payments reach them and shared accordingly.
With the help of scottishtrustdeed trustees, you just go on with your life,
obtain the knowledge you need, and just wait till you are debt free. However,
these trust deeds aren’t ideal for all cases. This is why you need to find out
if you qualify for it before you try it out.
Qualifying for this trust deed
1. For
you to qualify for this trust deed, you need to be a Scotland resident for six
months at least before your application.
2. You
need to have unsecured debts, which are more than £8000 like overdrafts, banks,
credit union loans, payday loans, etc. Secured loans or hire purchases aren’t
welcomed in Scottish trust deeds.
Check www.scottishtrustdeed.org for more
information.
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