A Protected Trust Deed in Scotland can include unsecured debts. Unsecured debts are but not limited to credit cards, store cards, personal loans, overdrafts, credit accounts, rent arrears, council tax arrears, HMRC debts, DWP debts, mortgage shortfalls, hire purchase shortfalls, fixed sum loan agreements, guarantor loans, payday loans and much more – for more information see our page dedicated to debts that can be included in a Protected Trust Deed in Scotland.
A Protected Trust Deed in Scotland will not be able to include mortgages (unless the house has been repossessed), SAAS debts, hire purchase (unless a shortfall), criminal fines or debts classed as fraudulent.
No, once you enter a Protected Trust Deed in Scotland your creditors will be informed by your Insolvency Practice of your solution and to contact the Insolvency Practice direct going forward.
A Protected Trust Deed in Scotland takes five weeks to get protected after your proposal is signed.
The regulated debt advice firms we have referred previous take on average a week from first contact to proposal signed.
Do not panic if you feel you are getting pressure from your creditors, your debt advisor will explain the support available to give you breathing space until your plan is in place.
scottishtrustdeed.info will charge you nothing, we simply refer you on to a carefully selected Debt Advice agency who may pay us a referral fee for introducing you to their services.
We only work with Debt Advice firms that charge no setup fees for a Protected Trust Deed in Scotland.
When your debt advisor covers your debt advice, should you chose a Protected Trust Deed, your advisor will work out an affordable payment and there are no fees on top only what is included in your payment.
A Protected Trust Deed in Scotland is not a one size fits all plan and it is vital you seek debt advice from a regulated debt advice agency when seeking a solution to take control of your debts.
To speed things up and make it easier for you, debt advice will be covered on the telephone to take in your circumstances and give you tailored debt advice.
Yes! This takes five weeks after you have signed your proposal.
£6,000 of unsecured debt or more. Don’t worry your Debt Advisor can help you discover exactly what you owe.
Debt Arrangement Scheme (DAS)
Sequestration (full administration bankruptcy)
Minimal Asset Process (MAP)
Most Protected Trust Deed cases in Scotland last four years exactly, however sometimes due to certain circumstances this can last up to five years or more.
Don’t worry before you commit to the Protected Trust Deed your advisor will cover this with you.
scottishtrustdeed.info only refer you to regulated debt advice agencies that offer Protected Trust Deeds and no unprotected trust deeds.
A Protected Trust Deed in Scotland will protects asses such as your house, car (depending on the value of your car), etc… If your trust deed is not protected then your assets can be sold to help pay your monthly repayments.
Creditors cannot contact regardless if your trust deed is protected or not.
Short answer – bad
However, most people who enter a Protected Trust Deed in Scotland typically have a bad credit score already due to defaults and missed payments.
A Protected Trust Deed in Scotland will show on your credit report for up to six years, if you get discharged after fours years it will show on your credit report for a further two years after your plan is done.
It is possible to get a mortgage after you are discharged from a Protected Trust Deed, it might take some time but with the right planning and preparation it is 100% possible.
A Protected Trust Deed in Scotland will typically write off between 25 – 75% of your debt, your advisor will cover this with you but the general rule of thumb is the more debt you have the more that can be written off.
Your Protected Trust Deed payment will be worked out by your chosen debt advisor, they will work out your income and outgoings and your disposable income left will be offered to your creditors in the plan.
You will only repay what you can afford.
Don’t worry! Your chosen debt advisor will explain all your rights when in debt and explain the solutions you do qualify for.
If someone has told you before you do not qualify for a Protected Trust Deed in Scotland still get in touch your debt advisor will cover any previous word of mouth etc …
During your Protected Trust Deed your are allowed to apply for credit up to £500.
You will only pay what you can afford in a Protected Trust Deed and there are no fees on top of your repayments.
Yes! If you come into any inheritance or lump sums of money you can liaise with your Insolvency Practice to repay your plan off early.
Please be aware you may be charged fees on top of what you owed originally.
Please contact your Insolvency Practice immediately to get this stopped.
The amount you write-off in a Protected Trust Deed fully depends on your situation, such as what you owe and what you have left disposable to repay your debts.
A Protected Trust Deed generally last four years (your Insolvency Practice will explain if it needs to be longer) and once completed you will receive your notice of discharge within two months.
Yes! A Protected Trust Deed is legally binding and once protected any assets disclosed will be secure, no creditors or Sheriff Officers can take action or contact you once in place.
As soon as you know of any affects to your income you should contact your Insolvency Practitioner who can discuss payment holidays or reduction in your contribution to your Protected Trust Deed.
When your Protected Trust Deed is in place you will be place on the register of insolvencies which will not just show on a google search and the only way of a notification to your employer is if they were to credit check you but they would need your permission for that in advance.
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