When looking for a financial product that will help you with your current financial situation, there are certain options which apply to particular countries only. For example, if you are in a serious financial bind and you need to eliminate your debts, you need a debt settlement arrangement if you're from the US, an Individual Voluntary Arrangement if you're from the UK, or a trust deed if you're from Scotland.
Here, we will discover more about trust deeds and how they can be used to help manage your finances if you're from Scotland.
First, what exactly is a trust deed? Anybody who has encountered financial difficulties in the past might be looking for Scottish debt advice - and this could be the first option that you will encounter.
Also known as a protected trust deed, a trust deed is a financial product which is available only in Scotland. It is a legally binding, voluntary instrument which can be used as an alternative option for those who are considering filing for bankruptcy. Think of it as the Scottish equivalent to the UK's IVA or the debt settlement arrangements available for US residents.
Being only available in Scotland, most people who are looking for Scottish debt advice are usually glad to know that there is a financial alternative for them to consider when they are almost forced to file for bankruptcies.
To give you an idea about why individuals and entrepreneurs looking for Scottish debt advice should primarily consider trust deeds, here is a list of its benefits:
All the details about the arrangement are not published.
Unlike bankruptcy cases, trust deeds are unpublished so the information about your financial standing will not be put out for all the world to see.
This type of agreement is a cheaper, better and more flexible option than bankruptcy.
Bankruptcy cases are usually lengthy, messy and sometimes even traumatic for those who are in a deep financial bind. Instead of going through all that, you can opt for the Scotland-exclusive trust deed which is a cheaper, better and more flexible way to deal with Scottish debt.
Trust deeds enable you to pay your debts with a re-established plan which has lower monthly payments.
They are designed to enable those who cannot pay their debts to establish themselves financially. Instead of paying your usual monthly dues, there will be a revised payment plan which involves a more manageable amount. This usually lasts for three years or less - and when the term comes to an end, your remaining debts will usually be written off.
They protect you from the harassment of your creditors. Once you already have a deed in place, there's no need for you to worry about getting harassed by creditors anymore. This is because they will not be able to take any legal actions against you as part of the agreement.
To check if you qualify for trust deeds in Scotland, you can apply online to trusted UK debt management companies. Follow recommendations to ensure you find the best companies, and always talk to a few different ones before making your mind up.
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