Protected trust deed a government-backed arrangement, available for the residents of Scotland is legally binding on all unsecured creditors

1. Protected Trust
Deed : An Overview

2. Protected trust deed a government-
backed arrangement, available for the
residents of Scotland is legally binding
on all unsecured creditors.

4. It is a binding on
your creditors,
where if you
comply with the
terms of your
trust, then
creditors cannot
take any further
action against
recovery of your
debts.

5. A protected trust
deed is not a
court process but
can affect your
credit rating.
There can be an
entry on the
register of
insolvencies that
subject to a trust
deed.

6. Trust deed can be
set up quickly.
Once you have
discussed your
advisor and taken
time to consider
that this will be
the most
appropriate
option
considering all
factors into
account.

7. If you don’t keep up
your trust deed,
the trustee will
write you up in
every six months
and will assess
your financial
position along
with your ability
to maintain the
contribution at
the current level.

8. Remember, there
isn’t any setup
cost of the deed.
The trustee’s fees
and it outlays for
administrating
your trust deed
are usually met
through the
contributions you
contribute
monthly or in the
form of an asset.

9. At the end of trust
deed period any
remaining
qualifying,
unsecured debts
are legally
written off,
leaving you debt
free.

10. SOURCE
• https://www.advicescotland.com/home/protected-trust-deed/
• https://www.creditfix.co.uk/debt-solutions/trust-deed/
• https://freedebthelpline.org/protected-trust-deed