Protected Trust Deed : An Overview

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Protected Trust Deed An Overview
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• Protected trust deed a government-backed
  arrangement, available for the residents of
  Scotland is legally binding on all unsecured
  creditors.

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• 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.

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• 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.

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• 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.

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• If you dont 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.

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• Remember, there isnt any setup cost of the deed.
  The trustees 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.

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

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Source

• https//www.advicescotland.com/home/protected-trus
  t-deed/

• https//www.creditfix.co.uk/debt-solutions/trust-d
  eed/

• https//freedebthelpline.org/protected-trust-deed