Family pressure or issues such as medical health conditions often lead people to find themselves immersed in huge debts. It may also happen due to or bereavement in the family or added responsibilities with the birth of a new child. If you face such situations, you must approach a money adviser who can tell you of the Scottish Trust Deed which can help you to take financial measures.
Scottish Trust Deed Scotland is a formal agreement between you and your creditors, to pay an amount you can afford to pay towards your debts,made on behalf of a Trustee who is a fully licensed insolvency practitioner.
People who have taken debts and cannot find a solution to repay can find help with this which provides an alternative to bankruptcy.According to this agreement;payments are to be made only for a specified period of time after which the remaining debt amount is written off, and you are exempted from any further payments.
The stipulated time frame is for a period of 48 months(4 years) unless stated otherwise. It ensures both you and the client about the exact amount of money which will be paid and which will not be paid.
Once your trust deed is protected, no extra charges and interest on the debt can be added by the creditors. You have to pay the money which you can afford from your monthly assets and income apart from holding money to run your basic expenses and daily life. No court case can be filed against you for the remaining amount of money which you declare not to pay.
To apply for a Scottish Trust Deed, you should meet certain criteria. You should be a resident of Scotland or must have lived there in the past 12 months or have a business place in Scotland. You must be in a debt of £6000 or more and can make a monthly contribution to repay your creditors a minimum amount of the debt. If your liabilities are greater than your assets, you have to apply for a debt plan which shows that due to issues at your end, you are not able to afford to make payments whenever they are due.
If you wish to apply for Scottish Trust Deed Scotland, you can visit their official site and provide your details or call them to talk to their advisors. You can interact with them over the phone or a face to face meeting,and they will be able to give you sound advice making you aware of the options available for you so that you can attain financial stability.
The Trustee should make both parties fully aware of the terms and conditions of the agreement. Failure to pay the debts in the stipulated time frame or lapse of repayments without any intimation may lead to serious consequences. The terms of the agreement mayn’t be smooth,but it takes off a lot of pressure. You should be completely aware of the entire process before signing the trust. It is one of the best options for attaining financial security and begin a new life.