Debt Management Plans In Scotland

There are a number of debt management plans available in Scotland which can reduce the stress of dealing with debts alongside day to day living

. One such plan in Scotland is called a Trust Deed . A Trust Deed is a binding agreement which can allow you to first of all freeze the interest on any unsecured debts ( credit cards , loans, overdrafts , arrears from tax credits , inland revenue , gas , electricity, mobiles, payday loans and personal loans). It will also allow you to reduce what you pay each month to your creditors and write off up to 90 percent of these debts.

This plan is now more and more common as people realise they may be struggling to pay their debts or may struggle in the future due to a variety of circumstances. It is government sponsored legislation and usually lasts for 36 months, allowing you to become debt free in 3 years . It will generally allow you to keep your carand your property. Thousands of people are doing this as it is private arrangement which no-one else needs to know about.

Trust deeds can really change peoples lives. You are debt free usually after 36 months and can move on with your life, safe in the knowledge your debts are all satisfied.

The process is a very simple and straightforward one. The first stage for anyone would be to talk to a qualified debt adviser who will determine if you qualify. To qualify for a trust deed you must have over 7000 unsecured debts , be employed , and be able to afford at least 100 towards your debts each month. When speaking to the debt adviser they will run through an income & expenditure analysis, verify what assets you have, and just really advise whether this is something that fits into your own particular profile. If so a meeting will then be organised where the advantages and disadvantages of the trust deed are fully explained. After this a proposal will be made to you creditors which they are comfortable with. The proposal is more often than not accepted as your creditors would rather have something back than nothing.

Your Trust Deed then becomes protected which guarantees that the creditors cannot take any further action against you to reclaim the debt. Your company who administers the deed keep you fully informed at all times but most importantly your creditors stop contacting you for payment.. You will be allocated a case manager who will look after you throughout the term of trust deed.

Trust deeds can only be administered by a qualified accountant or an Insolvency Practitioner. Here at TrustDeedSscotland.info we only use the best practioners available, who will guide you through the process fully from the beginning.

The IP will always be there to help iwhen your circumstances might change. Such as loss of job or reduction in working hours, etc. They will keep you totally informed of all your options at all times as it is in everyones interests to see the trust deed through to completion.

When placed into your trust deed you will not have any ongoing credit facility such as loans or credit cards, which is viewed as a help rather than a hindrance, in your new found responsibility to debt. After the trust deed has ended you are free to improve your credit rating and we would generally recommend that you look into lower rate credit cards first to improve your rating.

by: Project

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