What are Trust Deeds?
In Scotland, individuals who are currently in debt can investigate trust deeds as a way of repaying there creditors. In one of these so called protected trust deeds (also known as PTD) all debts can be wiped clean within a period of three years. Whilst the trust deed is in effect you will be unable to borrow money or use existing credit and store cards.
Scottish trust deeds work in a similar way to Individual Voluntary Arrangements in that they are a less drastic approach to debt than bankruptcy.
In both a PTD and an IVA you will in most cases be able to retain your home and possessions and will not suffer the same limitations that bankruptcy imposes on any career choices and future financial products.
For practical advice on whether a trust deed could be the right solution to your problems simply call Rite Financial for specialist helpful and easy to understand information. We provide advice on a number of financial solutions as well as trust deeds and tailor all of our recommendations to suit your individual needs and requirements.
By listening to your story our knowledgeable staff will be able to suggest a variety of alternative solutions and should they believe a trust deed or IVA to be unsuitable to your situation they will let you know this. All the advice we give is absolutely confidential and we will never contact your creditors to discuss what you have told us.
To talk to our staff members and discuss trust deeds or any other financial product needed simply call for more information. Alternatively submit our call back form on this website allowing us to contact you back at a time that suits you.
Getting out of debt
If you’re in serious debt one thing’s for sure you’ll want to get out of debt as soon as you can. Whether a Trust Deed achieves this for you or another debt solution then your goal should be to become debt free as soon as possible. Rite Financial is here to help you do just that. We're independent and our fully trained Debt Advisers can offer you specialist, honest advice with just one aim which is to help you get out of debt and to stay that way. Find out moreWhich Debt Solution Is Right For Me?
If you have a significant amount of debt, and are struggling to repay your unsecured debts, there are a number of approaches and solutions to managing them. As everyone’s needs and circumstances are different there is not just one debt solution available to you, in fact there are a wide range of solutions on the market. Find out moreWhat Is The Difference Between A Trust Deed And Sequestration?
In Scotland there are two different insolvency methods, trust deeds and sequestration. Although both debt solutions are only available when you are truly insolvent, i.e. your assets are less than your debts and liabilities, they do work very differently. Find out more