-- Fortunately, they can consider approaching the Scottish Trust Deed for consultation. Scottishtrustdeed.co.uk is regulated and authorized by the FCA [FRN769794]. They offer guidance on Trust Deeds, MAP, IVA, Debt Management, Debt Arrangement Scheme, and Sequestration.
Initial consultation with their adviser is free, but if you choose to opt for Trust Deed Scotland program, then there are nominal charges for their services. A Trust Deed agreement is between the debtor and creditor associated with affordable payback terms.
Under the Trust Deed Scotland, the minimum repayment period is 48 months, where the debtor has to pay an affordable amount every month for 48 months. In the end, if they have fulfilled the obligation and there is no extension on the Trust Deed, the debtor is free of any outstanding unsecured debt.
Trust Deed is a legitimate alternative to avoid bankruptcy. It is a formal debt arrangement used in Scotland. The individual who desires to apply for Trust deed Scotland needs to be a Scotland resident for a minimum of 6 months. It is a solid protection tool for individuals experiencing debt issues, because debtors get protection from associated legal enforcement.
IVA or Individual Voluntary Arrangement is a debt management tool employed widely in the UK. IVA is a bankruptcy option. The latter is followed by a stigma, but IVA debt management is an ideal solution for certain situations. Debtors can apply for an IVA with Scottishtrustdeed.co.uk. For IVA eligibility, a debtor needs to owe minimum of £5,000 to at least two of the creditors mentioned below:
• Credit cards
• Financial institution loans
• Outstanding tax & VAT debts
• Bank overdrafts & arrears
• Outstanding HP payments
• Loans from family & friends
IVA will not include debts against mortgages, court fines, rental property arrears, or child maintenance arrears. Debtors can discuss the IVA or other debt management alternatives with the professionals at Scottish Trust Deed to determine the right solution for their struggles.
Scottish Trust Deed professionals will help in debt negotiation with the creditors. Their Bailiff Guide and Directory list covers a majority of creditors along with contact details with whom debtors can negotiate. All they need to do is open an account and use their email and fax service for free.
On scottishtrustdeed.co.uk, people can use the calculator to check if they qualify. The team will thoroughly go through the submitted financial statement and call to calculate an affordable repayment amount. As soon as this gets approved verbally, the relevant papers get mailed to the debtor for signature and returned.
Once the team receives the paperwork, they start the application process, which can take about 6 to 8 weeks. When the agreement is signed, an insolvency practitioner is nominated, who will notify the Accountant in Bankruptcy [AiB].
The details are entered in the register of Insolvencies and unsecured creditors are notified within 7 days with Trust Deed copies, a claim form, Registry of Insolvencies entry, and detailed affairs statement. The creditors are made familiar with the debtor's financial issues and get 5 weeks to object to the Trust Deed becoming protected.
For more information about the Trust Deed and IVA debt management program contact Scottish Trust Deed services, you are not alone!
Contact Info:
Name: David Baddeley
Email: Send Email
Organization: Scottish Trust Deed
Website: https://www.scottishtrustdeed.co.uk/
Release ID: 88993352
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