Protected Trust Deed
Trust Deed for Scottish residents is a legal binding agreement between debtors and creditors which debtors owe to make the full and final settlement usually over 3 years. PTD is Scottish term for IVA
PTD offers multiple benefits.
- Government approved.
- Pay off debts with reduced & affordable monthly payment.
- Clear your debts in just 36 months & get remainder written off.
- No direct fees need to be paid.
- Protect your home (tenants & homeowners)
- Protection against legal action, alternative to sequestration / bankruptcy.
The minimum criteria for Trust Deed:
- Total unsecured debts is or over £ 10000
- Total Unsecured creditors 2 or more
- Employed or self employed
- Struggling with Debts
- Scottish resident.
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Is a Protected Trust Deed the same as sequestration?
No! Protected Trust Deed is a less formal process than sequestration. These are the different legal process for debts which are unmanageable.
Will the Trust Deed stop taking further recovery action from my creditors?
Yes. Once the Trust Deed has become protected, you are protected by law from all further recovery action by all your unsecured creditors.
Will I loose my house if apply for Trust Deed?
No! You are allowed to keep your house, however you may have to release equity when making an offer to creditors under Trust Deed.
What happens if a protected trust deed is set up?
Your PTD will be supervised by a licensed insolvency practitioner, who takes care for all negotiations with your creditors and makes sure that you keep to the terms of the Trust Deed.
What happens at the end of the Trust Deed?
Your remaining debt amount will be written off and you will then be free from your remainder debt.
Do I have to inform my partner?
You can if you have a joint debt. Trust Deed remains confidential to you. However, our experienced advisors would advise that you do inform as it is possible that your partner will find out.
Does a Protected Trust Deed affect my employment status?
No. A Protected Trust Deed is an option for responsible people dealing with debt they can not manage and is confidential. So this will not affect your employment status.
What happens if I can't keep up with my payments for Protected Trust Deed?
You must be careful of making payments for Protected Trust Deed. If you can not keep then you may face sequestration.
What happens if I loose job?
You must inform to trustee (your insolvency practitioner) for any changes. If you have a temporary problem of making monthly payment under Protected Trust Deed then trustee can help you until you resume job.
For free and confidential advice please enter a few details in the form and we will identify the best way to get you debt free.