Living in Scotland?
When considering a Protected Trust Deed, the first thing to think about is where you live now. If you are currently a resident in England or Wales, then you are not eligible to take advantage of Trust Deed law which is only available for people who are resident in Scotland.
If you are currently living in Scotland but when you originally borrowed the money that you owe you were living elsewhere, this does not matter. You now fall under the jurisdiction of Scottish law and you will be able to consider a Trust Deed to resolve your debt problem.
Where to start
• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Beat My Debt Forum
• Call us now – speak to one of our advisors in confidence to see if a trust deed is right for you.
Take the first step to beating your debt NOW – Call us free on 0800 077 6180
HOW WE HELP...
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Are you insolvent
?
The next question you need to ask yourself is, are you insolvent? As with the Individual Voluntary Arrangement in England, you will have to present your income and expenditure budget to an Insolvency Practitioner who will look very carefully to make sure that you are not overspending in any areas and that your expenditures are reasonable.
You will normally have to back up your monthly expenditures with paperwork (such as a mortgage or rent statements and copies of recent bank statements). If the Insolvency Practitioner believes that you can continue to make your normal monthly debt repayments by spending less on luxuries, then you will not be eligible for a Trust Deed.
Are you a homeowner?
In the same way, you will have to look at any equity you have in properties that you own. If the total of your equity is greater than your debt, then you are not classed as insolvent and you will not be allowed to undertake a Trust Deed.