Alternatives to a Trust Deed
If a Trust Deed is not a suitable debt management option for you then rest assured, we will advise you on a suitable alternative. There is always an option that will be just right for your debt situation. Although it can be more tempting to try and ignore your debt problem, and in the short term may make you feel better, your debts will not magically disappear.
You need to take action and face your lender's head on.
We are here to help you take control of your finances and ultimately help you become debt free.
DEBT ARRANGEMENT SCHEME (DAS)
If you can afford to make monthly contributions to your creditors, but the minimum contractual monthly payments they are asking from you are too much, then a DAS could be an option for you. Like a Trust Deed, a Debt Arrangement Scheme is only available to residents of Scotland. Unlike a Trust Deed, however, anyone can apply for this debt management option. A DAS allows you to get back on top of your unsecured debts over a longer period.
You are protected from any further action being taken against you when your lenders agree on a DAS, all interest and charges are frozen, so long as you stay on top of your payments. Unlike a Trust Deed, the DAS will last until your debts are paid off, in full, and your home will not be affected as long as you maintain your mortgage obligations.
Your payments will be set at a level that you can afford by your Money Advisor.
Sequestration, otherwise known as Scottish Bankruptcy, should always be a last resort as it has severe financial implications that will affect you for many years to come. It allows you to become debt free within 12 months, although if your finances allow it, you may have to pay a contribution from your income for up to three years.
Once sequestrated creditors cannot take any further action on you, much like a Trust Deed. You will no longer deal with phone calls or harassing letters from your lenders and if you do you should notify your Trustee to deal with them appropriately.
In Sequestration your Trustee takes control of all of your personal assets, including your home.
We will discuss every option available to you and advise you on the best debt management route to take.
You have taken the first step by looking at our website. Now all you have to do is fill out the form and let us help you.