A type of formal agreement between the creditors and you is made where the creditors have to be paid back the money which you owe to them. The stability of finance is important to get you back on the track. Trust Deed Scotland helps all those people who owe a huge amount of debt for which they are struggling to make ends meet every month.
The duration of the payment of trust deed is of 4 years which is equivalent to 48 months. If the qualification is not met with then an arrangement is made in replacement of trust deed. When the duration is over you have to make sure that all the obligation which you are bound is free of.
The qualifications for trust deed are as follows:-
- Must be a resident of Scotland in the 12 months of your stay. If you are not a resident then you must have a place in Scotland for business.
- When the debts rise up to more than 5,000 euro.
- You can pay monthly contribution and have assets which make up for your contribution.
- When you are declared as insolvent.
- Setting up of Trust Deed
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The setting up of the deed is easy which follows the procedure of filling the form, then calling a money adviser, a meeting will be fixed by the money adviser at a place convenient to you after which your position of finance will be advised by the money adviser. After the terms are acceptable to you for the trust deed then you will go ahead with it and the documents which are relevant will be signed. The setup cost, in the beginning, is free but if you do not follow the trust deed then you will be charged. Service for trust deed is chargeable. No amount of charge or interest is then asked from you after you have agreed for the trust deed. The company that you apply for in acting to the provisions of the trust deed must be reputed and experienced. Based on your circumstance the trust deed is set up.