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Protected Trust Deed
A protected trust deed is a solution which offers flexibility, affordability and a guaranteed protection from your creditors.
A protected trust deed is available to residents who live in Scotland, who have unsecured debts of at least £10,000 and are in employment. Debt Solutions Scotland can advise you if you would be applicable for a trust deed as there are certain criteria.
In a protected trust deed you would make one monthly contribution to your Insolvency Practitioner who will be known as your Trustee. Your Trustee will deal with the sale of any significant assets and will distribute the money collected to your creditors.
A protected trust deed is a 3 year procedure and is only available to people with serious debts. You will make a regular monthly payment for 3 years and at the end you will be debt free and could have only paid back a fraction of the debt you borrowed.
“I had incurred a lot of debt after my divorce and I just couldn’t keep making my contractual payments. Now, I’m in a protected trust deed and I don’t have creditors calling me once a week. I will be debt free in 3 years and will pay back 65% of the debt.” - Andy, Motherwell A Protected Trust Deed has several benefits, like –
• The pressure from creditors is removed as they will no longer be legally entitled to chase you for payment
• You will only repay what you can reasonably afford
• Penalty and Interest charges will be frozen
• You will not be required to meet our fees for the protected trust deed directly
• You will no longer have to correspond with your creditors as this is done by the trustee
• You will make one set affordable monthly repayment
• Once completing the Protected Trust Deed, which usually takes a minimum of 3 years, you will have cleared your debts and can look forward to a debt free future.
If you think that a Protected Trust Deed can help you then call Debt Solutions Scotland today on
0141 341 5575 and speak to a friendly advisor. In 15 minutes you will have taken the first step to becoming debt free.