For people living in Scotland they have other debt solutions available to them to help when they are in financial difficulty. A Trust Deed is one of these solutions and allows you to pay your creditors back at an affordable rate.
A Trust Deed is a formal agreement, and providing it becomes ‘Protected’ it will provide you with the security, as your creditors cannot take any further action against you or force Sequestration upon you. A Trust Deed will usually last between 3 and 5 years and any included debt remaining will be written off, leaving you debt free.
Starting the process to becoming debt free can be daunting, we have therefore put a brief guide together that should hopefully provide some guidance to anyone starting the process.
The first thing that you need to do it to do your research and find a recommended company…
- Contact your local Citizens Advice Bureau or contact National Debtline who will be able to provide you with a list of recommended companies.
- Speak to friends, family or your employer as they might be able to recommend a company for you to go to from their own experiences.
- Visit forum or review sites to see what other people have done in your situation and find out about their experiences with different companies.
Once you have found a company that you are comfortable with you will need to gather the following information together in preparation…
- A list of all of your creditors, including account numbers and amounts that you owe.
- A list of your income and expenditure, as this will help to determine what surplus you have available to pay your creditors.
- Gather information about your assets such as your car, home (including your outstanding mortgage balances and value) and savings.
This should help you in preparing to start your journey to becoming debt free through a Trust Deed.
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