Living In Scotland? Need to Get Out of Debt? Is a Protected Trust Deed What You Need?
We Are Large Debt Specialists & May Be Able to Legally Cease Creditors Chasing For Payments & Freeze All Interest & Charges Now. Why Not Speak to one of our friendly team..
Alternatively why not complete our online form to see if you qualify
What is a protected trust deed?
A Protected Trust Deed (PTD) is an agreement that is made with your creditors to pay off your debts over a set period of time and is one option you can use to pay off your debts. It is a formal, legal debt solution. This means it is approved by the court and your creditors have to stick to it.
A PTD is a form of insolvency but it is different from sequestration.
A PTD must be set up by a qualified person, called an insolvency practitioner. This will usually be a lawyer or accountant. The insolvency practitioner will charge a fee for the PTD.
The insolvency practitioner deals with your creditors throughout the life of the PTD.
Pro’s & Cons of a Protected Trust Deed
What are the pro’s of a Protected Trust Deed?
● Freeze interest and charges from your creditors
● Ceases any legal action
● Government backed scheme
● Legally stops creditor contact
● No set up fees, no management fees
● Up to 85% of your debts written off
But what are the con’s?
● If you are homeowner and you have equity in your property you may not be eligible for a PTD
● If you come in to any money or your circumstances improve the extra income is expected to be paid to the PTD pronto
● You cannot cancel an PTD it is legally binding
● If you don’t keep up your PTD it could lead to sequestration, (lots mair bother)
● Secured debt is not included
So assuming you are confident that you can stick to the PTD and that you owe over £6000,
lets see if you qualify and get you back in control