Available to residents in Scotland - From £46.00 per week

The Protected Trust Deed is offered only in Scotland as is similar to the IVA (Individual Voluntary Arrangement). It is a legally governed procedure by which you can repay your debt over a specified period of time – usually 36 months. Monthly payments are based on what you can afford and after the period of your Protected Trust Deed (Scotland), any remaining debt is written off.

The first part in the process of entering into a Protected Trust Deed is to compile a full list of creditors (people you owe money to), how much you owe, and what you can afford to pay each month.

The trustee will put together a form of proposals to the lenders for approval and administer the Protected Trust Deed. The Trust Deed may be registered as a Protected Trust Deed. This prevents lenders from taking legal action against you and ensures that interest will be frozen on your debt. The Protected Trust Deed is granted if two thirds or more of your creditors by value agree to it.

If you enter into a Protected Trust Deed then your creditors will have the right to receive any equity that you may have in your home. However, there are ways that you can protect your property.

Entering into a Protected Trust Deed means that you are entering into a contract to repay your debt, usually at a reduced rate. As such, you agree during the term of the Trust Deed to:

• Pay the agreed monthly contribution.
• Not take any further credit.
• Advise the trustee should you receive any unexpected windfalls or your financial circumstances change.

• The trustee handles all correspondence from creditors, therefore relieving the pressure of debt.
• A Protected Trust Deed is usually more flexible and costs less to administer than sequestration (bankruptcy).
• With a Protected Trust Deed, your creditors will be unable to add further interest, charges, or take any further action against you.
• You will in most cases still be able to hold certain public offices.
• You will in most cases still be able to remain self-employed and continue to serve as a director of a company.
• Protected Trust Deeds normally last 3 years, after which any remaining debt will effectively be written off.
• Information about the Protected Trust Deed is not published unlike sequestration (bankruptcy).

• Existing arrestments and other diligence continue to be effective. It should be noted that Councils who carry out earnings arrestments will generally lift arrestments upon protection of the Trust Deed.
• You cannot be a company director of a limited company unless the company’s Article of Association state otherwise.
• The arrangement is binding on you as well as your creditors. If you were to default on the arrangement then the Insolvency Practitioner can petition for your Sequestration (bankruptcy).
• Entering into any arrangement with your creditors may affect your credit rating.
• Creditors are not obliged to accept a proposal for a Trust Deed. However, the Trustee will negotiate with all your creditors. Unless creditors, who are owed more than one third of the total debt object (which is extremely rare), the Trust Deed will become protected.

Debt consolidation is the process in which debt is restructured into one low affordable amount which you agree to pay. At DebtFC we offer a range of debt consolidation options Scottish protected trust deed, individual voluntary arrangement (I.V.A), remortgage, debt management plan, homeowner loan, sell and rent back or perhaps bankruptcy (sequestration in Scotland) our experienced debt consolidation team, will discuss your options and provide you with free debt help and debt advice on how to deal with your debt problems. We are based in Livingston, West Lothian, Scotland but help people throughout the UK.

If you recognise any of the following symptoms... then you need our debt help!

Credit card debts, missed loan repayments, creditors phoning, debt collectors, bailiffs, County Court judgements, bankruptcy, insolvency, mortgage arrears, repossession, robbing Peter to pay Paul, not opening the mail, afraid to open the door.
Our debt consolidation team will show you the options that you have available to get out of debt with one reduced, affordable monthly payment. For a NO OBLIGATION, FREE CONSULTATION, call or send the contact form for some friendly, free advice.