A Scottish trust deed will be taken out for one of many reasons – and the debt advisers at Scotland’s Trust Deed have heard most of them. The main reasons are:
- The avoidance of sequestration (bankruptcy) as it is seen by many as the very last resort. It is the most punitive and restrictive of all the debt management options for those in debt in Scotland.
- Creditors are increasing the pressure and the stress is rising. Scotland’s Trust Deed would advise everyone who is finding themselves struggling with debt to speak up and ask for help as soon as possible.
- It is a useful way of tackling disrupted finances and write off debt. This is the best of the reasons as it shows a sensible and reasoned approach to a situation that has not yet reached desperation levels.
So why would you need a Trust Deed to help you with your debt?
- Some of the less reputable creditors can be unkind especially when they encounter people who are looking to write off large amounts of debt. Taking on the negotiations yourself should be considered very carefully.
- The negotiations process can be lengthy and will not necessarily end in success. Often it is only a proportion of the amount requested that gets written off. It is not unusual for the request to be refused and negotiations ended with no reduction in your debt at all.
- A big stack of cash may be needed for the ‘full and final settlement’ amount.
How can using Scotland’s Trust Deed help you?
Scotland’s Trust Deed will employ a trained Insolvency Practitioner (IP) to negotiate with your creditors for you. They have the skills that are vital to securing a payment plan and an agreement to the appropriate amount of debt being written off.
Creditors will treat an IP with much more respect than a member of the public. The big lenders will have developed working relationships with certain IPs over the years. There is a mutual understanding between them.
With a professional IP involved, a creditor is also likely to recognise the severity of your debt situation and your determination to get the matter resolved. It will be clear that you intend to pay some money back and are not just ‘taking the easy way out’.
In comparison to people who enter negotiations themselves, a Scotland’s Trust Deed customer is much more likely to have their debt written off at the end of the deed’s term.
If you think that Scotland’s Trust Deed might be able to help you manage your debts, then get in touch and one of our friendly, knowledgeable debt advisers will be happy to assist.