Trust Deed Advantages
A Trust Deed is the Scottish equivalent of an IVA and is suitable for those with high levels of debt.
All Clear Finance believes that it is important that our clients are fully informed about any advantages and disadvantages of a Trust Deed. For a more indepth analysis, please contact our All Clear Finance Advisors today on 0808 131 0038
Advantages of a Trust Deed:
- A Trust Deed is more financially flexible in comparison to bankruptcy.
- One low monthly payment.
- A Trust Deed lasts for just 36 months.
- After 36 months any remaining debt will be written off.
- You remain in control of your finances.
- We will deal with your creditors calls and letters on your behalf.
- Creditors cannot add any further interest, charges or action against you once your Trust Deed has been accepted.
- You can remain self-employed and hold certain public offices.
- Information about the Trust Deed will not be published.
Entering into an IVA may adversely affect your
credit rating for up to six years from the date of approval.
Your property will be protected within an
IVA but you may be required to release all or part of any equity during the
period of the arrangement.
Failure to complete the term of an IVA can
result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)