If you’re a Scottish resident struggling under the weight of personal debts, there are a number of solutions available to you to help you get back on your feet. One of the most common debt-help agreements is a trust deed and this in large part due to the number of advantages that the trust deed process brings.
However, it’s also important to recognise the disadvantages and not be swayed or deterred until understanding the whole picture of what is right for your given circumstances.
You can speak with a specialist debt advisor at Scotland Debt Solutions for more information on the pros and cons of Scottish trust deeds and our experienced team can help shed more light on the solutions available to you.
In the meantime, here are some trust deed disadvantages that you should know about:
• A trust deed may affect your job or position
• Your details are entered on a public register known as the Register of Insolvencies
• If you fail to comply with the terms of your Trust deed the Trustee can arrest your earnings, petition the court for your sequestration ( bankruptcy) or fail to provide you with your discharge
• Trustee can raise legal action to force sale of property should you fail to comply with the terms agreed to realise your share of the equity
• Cannot exclude assets from the Trust Deed. With the exception of your home subject to consent of secured creditor.
• May impact your credit rating