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If you are a Scottish resident and facing bankruptcy, you might qualify for a Trust Deed. A Trust Deed is a legal agreement between debtors and creditors that enables Scottish residents to repay their debts in a manner that is affordable and avoids bankruptcy. The agreement typically lasts for 36 months, and after all payments that have been agreed upon in the Trust Deed have been made, the remaining debts are erased. This means that within three years, you can be debt free and regain control of your finances.
You must be approved for a Trust Deed, and should recognize that you are entering into an agreement between you and a trustee, otherwise known as an Insolvency Practitioner. The Trustee will act upon your behalf and negotiate with your creditors for you. You will make payments to the Trustee and he or she will distribute your payment to your creditors. With a Trust Deed, your payment will be negotiated based upon your income and what you can afford to pay. This ensures that you will be able to make affordable payments and is an effective way to avoid bankruptcy and save your credit.
The Trust Deed will ensure that you will only be required to pay the agreed upon amount and that any late payments or interests on your debts or accounts will be frozen. To qualify for a Trust Deed, you must have at least two creditors to whom you owe debts and have a minimum of at least £15,000 of unsecured debt. Additionally, you should have at least £150 to contribute to the monthly payment. If you believe that you might qualify for a Trust Deed, or have been considering bankruptcy, contact us today. We have the tools to assist you and are ready to help you prevent bankruptcy and regain control over your debt.
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