What Is A Trust Deed?
A Trust Deed is a legal agreement between an individual who is unable to pay his or her creditors and a trustee.
It is an alternative solution to the likes of bankruptcy, IVA’s and Debt Management Plans. It is also the Scottish equivalent to an Individual Voluntary Agreement (IVA).
A Trust Deed is designed to help individuals who cannot repay their debts a way to reach an agreement with their creditors with the aid of their Trustee. This will result in an agreement that will consist of monthly repayments of debt that are based on what the person can afford realistically.
A Trust Deed agreement will normally be set up over three years (this can be less). Once the agreed Trust Deed period is over, any remaining debts that the debtor owes are usually written off.
When meeting certain criteria’s a Protected Trust Deed can be set up instead meaning that any charges and interest on your debt will be frozen for the period of the IVA and your creditors will not contact you for the duration of the Protected Trust Deed period. This gives you the peace of mind that you will no longer have the stress and anxiety that comes with being in debt.
The process of a Trust Deed is not as formal as bankruptcy although it is a legally binding agreement. A Trust Deed or Protected Trust Deed will need no court involvement in setting up the process for you.
A Trust Deed can be set up easily when you are dealing with the right type of company. Here at Confused Debt the companies listed have been pre-vetted and verified to work to the right policies and strict guidelines. Filling in our compare calculator will take less than 60 seconds and will result in you being able to speak to experts about your problems.
So what are you waiting for try our compare calculator now and stop that stress from getting to you anymore.
