Trust Deed Articles
How to clear your council tax arrears with a trust deed
6th March 2018If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]
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Can I remortgage while in a Trust Deed / Sequestrated / DAS?
10th November 2017If you’re a homeowner in Scotland, and are experiencing high levels of debt, your property may be affected when you enter a formal debt relief procedure. This doesn’t necessarily mean you’ll need to sell your home, however – you may be able to remortgage to provide additional funds for your creditors. If you have a […]
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How Do You Know if You Qualify for an IVA?
17th July 2017Guest article written by William Berry; an experienced personal debt adviser and Director at www.IVA.co.uk. For information on how IVAs work in Scotland, there is a similar process called a Trust Deed If you have unmanageable debt, an Individual Voluntary Arrangement (IVA) helps you repay as much money as possible to creditors over an extended […]
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Is it possible to enter into a second Trust Deed?
6th July 2017Scottish Trust Deeds help eligible people in debt to repay as much as possible, with the remainder being written off at the end of the term – usually four years. Creditors vote on whether to accept the repayment arrangement, which becomes protected if they agree. It is an effective way to repay your creditors without […]
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Can I enter into a Trust Deed as a sole trader when my business is struggling?
6th July 2017Being in debt as a sole trader can be particularly concerning because you are personally responsible for the debts of your business. Unlike a limited company which is a separate legal entity from its owners/directors, sole traders face the prospect of personal bankruptcy alongside the closure of their business. There are a number of debt […]
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What happens if I am signed off work during a sequestration or a Trust Deed?
11th May 2017When you enter a personal insolvency process such as sequestration (Scottish bankruptcy) or a Trust Deed, you may be concerned about what happens if you’re ill and unable to work for a period of time. It’s reassuring to know that formal insolvency arrangements cater for times like this, when circumstances are out of your control, […]
Read moreHow to improve your credit score after a Scottish Trust Deed
11th May 2017Scottish Trust Deeds generally last for four years, so if you’ve successfully reached the end of yours, you’ll be starting to think about rebuilding your financial status. But how will the Trust Deed have affected your credit rating, and what can you do to improve the situation? A Trust Deed remains on your credit file […]
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Your guide to getting a mortgage after a Trust Deed
5th December 2016If you’re about to be discharged from a Trust Deed, you may be wondering to what extent your ability to obtain a mortgage has been affected. It’s a common concern for anyone who has struggled with debt, that they won’t be able to borrow in the future, and the general reluctance of banks to lend […]
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What happens when a Trust Deed ends?
2nd December 2016Your Trust Deed has finally come to an end; you’ve made all your payments and have been formally discharged. Congratulations! While you are probably feeling a sense of relief that the process is now behind you, and excitement for a debt-free future, you may also be asking yourself – what happens now? Well the good […]
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Can I get a mortgage after an IVA or Trust Deed?
14th September 2016The strict criteria applied by mortgage lenders make it difficult to obtain borrowing, even for those with a good credit rating. If you’ve entered into an Individual Voluntary Arrangement in Scotland, or a Trust Deed, unfortunately you won’t have access to borrowing until its completion. Although it’s not impossible to get a mortgage after an […]
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Scottish IVAs – What you need to know about IVAs and debt management in Scotland
6th July 2016If you live in Scotland and are finding it difficult to keep up with debt repayments, you may be eligible to enter a Scottish IVA (Individual Voluntary Arrangement). An IVA in Scotland allows you to repay your debts over an extended period of time, and is a formal insolvency procedure. The correct term for an […]
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Can I object to the re-opening of a Trust Deed?
4th July 2016The re-opening of Trust Deeds has become a contentious issue in Scotland. Debtors who assumed that, having been discharged from their Trust Deed, no further action would be taken in relation to their insolvency, are now facing the prospect of being on the Register of Insolvencies once again, and losing out on incoming funds. It’s […]
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What happens with PPI claims after a Trust Deed?
21st June 2016Part of an insolvency practitioner’s duties in administering your Trust Deed is to establish eligibility to claim PPI. If they find that you’re entitled to a refund, these monies will be used to repay creditors, in addition to your normal monthly Trust Deed payments. The same has applied to people even after they have been […]
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Pros and Cons of an IVA and Understanding the Difference in Scotland
21st August 2015An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors. It is negotiated and set up by a licensed Insolvency Practitioner (IP), who administers it over the full term. Once terms have been accepted by a minimum of 75% of creditors, the agreement becomes legally binding and they will no longer […]
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Trust deeds and employment
25th June 2015Whether being in debt affects an employment contract is a serious concern for many people. Some contracts do include a clause regarding this issue, but it does not necessarily mean that your job will be lost. The industry in which you work will have a bearing on this – undertaking a formal insolvency route whilst […]
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Life after a Trust Deed
11th June 2015The end of your Trust Deed will be marked with a formal discharge letter from the Trustee, and your entry on the Register of Insolvencies will be removed. If your property has been earmarked for inclusion within the Trust Deed, you may need to pay a lump sum to fulfil the final terms, however. Trust […]
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Trust Deeds and how they affect property assets
10th June 2015If you are considering a Scottish Trust Deed, the question of how it will affect your property assets is probably at the forefront of your mind. Protecting their home is a major issue for anyone in debt, and essentially there are two options when it comes to Scottish Trust Deeds: Unprotected: you do not have […]
Read moreWill I Lose My Home If I Enter Into a Trust Deed?
5th December 2013A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent ‘trustee’ who takes control of your debt repayments for a period of 48 months. If you’re having difficulty paying your debts and have assets or a regular income, you are likely to […]
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Understanding How Trust Deeds and Sequestration View Secured and Unsecured Debts
4th December 2013If you’re a Scottish resident struggling with personal debt and you’re considering a trust deed or sequestration as possible solutions, it’s important to realise that some types of debts cannot be managed within a formal insolvency procedure. Below, we’ll discuss the types of debts that can be accepted into a trust deed or sequestration – […]
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What’s the difference between IVAs and protected trust deeds?
22nd March 2013According to insolvency statistics from Accountant in Bankruptcy (AiB), released earlier this year, bankruptcy numbers in Scotland fell by 30.5 per cent in Q3 of 2012/13 compared with the previous year. The rising popularity of other viable debt solutions is clearly attracting an increasing number of debtors looking for an alternative to sequestration. If you’re […]
Read moreHow do Protected Trust Deeds work?
8th March 2013As households are faced with increasing financial pressures, many are turning to debt solutions in order to stay afloat. In the financial year 2011/12 alone, just over 9,000 Protected Trust Deeds were granted in Scotland. A Protected Trust Deed is an option for residents in Scotland who are struggling to pay unsecured debts. If you […]
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