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Scottish Trust Deeds Advice
To ensure you make the very best decision regarding whether to enter a trust deed or not, it is always recommended that you get as much information as possible. To help you with this, here at Debt Advice Bureau we can walk you through the entire process. Because trust deeds can be complicated and often confusing to some, we will provide clear, simple advice designed to help you see both the cons and pros. Helping thousands of people in the UK every month get closer to their goal of becoming debt free, we are perfectly placed to help you. Our financial experts are on-hand to answer any questions you may have regarding trust deeds and whom can be contacted via webchat, email or telephone.
What Trust Deeds Advice will I Need?
If you are thinking of entering a trust deed in Scotland, we can provide advice covering any aspect of the process you are unsure of. One of the most important things to consider when entering trust deeds is how much you can afford to repay each month, and therefore this is something we can help you with. This can be difficult because trust deeds last for at least 3 years. As such, you must arrive at a figure that not only your creditors will accept but one that you can afford to pay for this extended period of time. This is very important because if you find yourself struggling to make repayments in the future it may be very difficult to renegotiate the deal. Furthermore, if you fail to make these repayments your creditors may seek to declare you bankrupt. In addition, there are complicated rules regarding the types of assets you have, as well as savings, pensions and any gifts of value you may receive during the period of your trust deed. As such, we do everything we can to fully explain as much as possible; providing valuable, accurate trust deeds advice to people living in the UK.
Is a Trust Deed my best option?
Trust deeds are the best option for many as they are legally binding with your creditors and debt is usually cleared within 5-6 years. Assets can be kept and a payment structure is made that suits your situation. However a trust deed can be very strict and needs to be kept to. If it fails then there is a risk of bankruptcy. Certain professions can also be affected by insolvency, so check your contract of employment before going forward with a trust deed. Whether you’re accepted onto an trust deed or whether other options such as Debt Relief Orders (DRO) or Bankruptcy are better options, depends on certain criteria. Complete our quick online assessment to see which is best for you.Take our quick online test