“I just don’t know why I left it so long. The phones calls have stopped and now I have one payment to make each month.”
Scottish Trust Deeds
Similar to an IVA a Trust Deed is an alternative to Bankrupty or Sequestration and a formal agreeement between you and your creditors. Arranged by an Insolvency Practitioner it is usually protected and as such stops your creditors from taking further action and applying for your bankruptcy.
For the positives and negatives you can refer to the IVA section although bear in mind you can often ‘write off’ more of your debt than an IVA, need less debt to enter one and they only last three years. This makes a Trust Deed (this option is only available to Scottish Residents) an appealing option and probably more attractive than an IVA.
At Liberty we work closely with a Scottish Insolvency Practitioner who we will be happy to answer any questions you have and even visit your home to arrange the Trust Deed. Simply fill in the online form or call 0800 634 4387 and we will do the rest.
Sequestration
This is the Scottish legal term for Bankruptcy and if you have over £1,500 of debt you are entitled to apply. It will cost you around £100 and you must prove that you are unable to meet your financial commitments i.e. that you are insolvent.
An accountant in Bankruptcy will be appointed to manage your affairs and can sell any assets you own (including your house) in order to settle your debts.
For more details why not call 0800 634 4387 or see the Bankruptcy section on this site as the process and consequences are very similar.
