If your debts have become overwhelming and the likelihood is that you will be unable to repay then in a reasonable timescale then you should consider a Trust Deed as a possible solution to your difficulties. There is now a range of debt solutions on the market and the key is to select the one that is most appropriate to your own individual circumstances and will be most effective in resolving your debt problems.
What is a Scottish Trust Deed?
A Scottish Trust Deed is a formal and legally backed method of sorting debt problems where they have got to the point where it is genuinely unlikely that you can repay them. A legal framework has been put in place to provide people with serious debt problems with a structured route out of their problems.
In practice this consists of agreeing a payment schedule with your creditors that consists of a single monthly payment that you can afford which usually lasts for three years. As long as you keep to terms of the agreement and keep up your payments for the three year period the rest of your unsecured debts are written off at the end of this time.
It is important to go through the process of making the Trust Deed protected as this makes it a legal binding agreement that your creditors must then abide by.
What are the benefits?
The main benefit is that a Trust Deed provides a recognised and legal route to resolving your debt problems and enabling you to be debt free at the end of the process.
Another key benefit is that if you are a homeowner then you can usually keep your home although you may have to release some equity to do so.
A Protected Trust Deed also puts an end to the demands and pressures from creditors and prevents them from taking legal action against you.
Get professional debt advice
Selecting the best debt solution is an extremely important matter and it’s crucial that you get it right as you may have to live with it for many years.
It is always advisable to seek professional debt advice to ensure you have all the facts to hand to make the best decision and to receive professional guidance through the process if required.
There is no need to feel awkward or embarrassed about seeking advice and discussing your problems. Professional debt advisors are used to dealing with problems just like yours every day and the advice they provide is private and confidential.
What to do next
Take action now. Debt problems tend to get worse the longer they are left and they certainly don’t go away on their own. Take a look at the website of E-P Debt where you will find a wealth of information on debt, debt problems and debt solutions. They are committed to providing the very best debt advice available and their advice is free and totally confidential.