A Protected Trust Deed can write off up to 90% of your debts (subject to your circumstances), and if you keep up the affordable monthly payments, you will be debt free usually within 36 months, guaranteed!
Unlike sequestration, (bankruptcy in Scotland) details of a Protected Trust Deed are not openly published anywhere, it is a confidential arrangement between you and your creditors. Employers and landlords are not informed of a Protected Trust Deed.
Scotland Debts
Debts in Scotland are handled in a similar way to Debts in England and Wales. However, the Scottish version of an IVA (Individual Voluntary Arrangement) is called a PTD (Protected Trust Deed).
This will achieve all of the following;
- Cease any legal actions.
- Freeze all interest and charges.
- Cancel out any existing CCJs.
- Stop demand letters and phone calls from irate creditors.
- Give you the peace of mind to have a fresh financial start.
- An affordable monthly payment based upon your available disposable income.
- Your best nights sleep for a long time.
Client Example
Mr Peters was in quite a panic when he contacted us. Together with his wife, they had joint unsecured debts of £110,000. Although Mrs Peters had a good job and income, Mr Peters had recently become self-employed and had a very limited income. They had over £80,000 equity in their property but could not repay the monthly amounts to their creditors.
Although they now have a mortgage of £120,000, the interest rate that we obtained for them is much lower than their previous mortgage, and the monthly amount they are paying is much lower than they were previously paid out in an attempt to try to service all of the unsecured debts.
The Process
We have successfully helped thousands of people to be debt free in Scotland.
The Debt Counsellors have been trading for over 10 years and we have provided you with information to the process of arranging a Protected Trust Deed (Scotland IVA).
Process One
All the debts at the date of signing the trust deed are frozen and a Trustee is appointed to supervise the debtors affairs.
Process Two
The trustee will then write to all the debtors’ creditors and makes a proposal to them.
Process Three
The debtor then agrees to surrender their assets to the trustee who realizes them all.
Process four
The debtor then agrees to pay one affordable monthly repayment to his Trustee which is usually over 36 months. This repayment figure is based on what the debtor can realistically afford to pay. As such it takes into account the debtor’s income, living expenses, assets and liabilities.