What Is A Scottish Trust Deed?
Residents of Scotland are provided with a chance to repay their unsecured debts partially with Scottish Trust Deed
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Individual voluntary arrangement (IVA) is plan that was introduced by the insolvency act of 1986 to provide people with an alternative to being declared bankrupt
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What Is A Scottish Trust Deed
Residents of Scotland are provided with a chance to repay their unsecured debts partially with Scottish Trust Deed. What is a trust deed A trust deed helps people living in Scotland get out of their mounting debts. Instead of declaring bankruptcy, Scottish Trust Deed is the more favorable option. This is an excellent way of becoming debt free.
What is a trust deed and how does it work? It works by hiring a licensed Insolvency Practitioner. This is the first step in knowing what is a trust deed. The Insolvency Practitioner will determine the repayment capacity of the debtor. He needs to know the debtor’s monthly income then deduct all the necessary expenses such as food and shelter. The net income will form the basis for the monthly repayment scheme that is considered reasonable and affordable by the debtor. This step is very important when determining what is a trust deed because the debtor cannot afford to default on his debts under a trust deed.
Once the Insolvency Practitioner determines the monthly repayment amount that the debtor can afford to pay, he will then draft a proposal which will be forwarded to all creditors According to Scottish laws, the creditors need to approve the proposal unless a majority of them voted not to do so within the next five weeks This is an important requirement that defines what is a trust deed. The length of term of the repayment is usually 36 months or 3 years After 3 years, the remaining debt is written off When the proposal is accepted by the creditors it becomes a Protected Trust Deed.
Not all people living in Scotland will qualify for a trust deed. There are certain requirements that the debtor needs to satisfy to be able to apply for the deed. These criteria include a debt of not below £8000 owed to at least two creditors, the debtor must have a permanent employment and the debtor must have a disposable income enough to meet his monthly obligations. For people who are curious as to what is a trust deed, this debt management program is a very effective way of reducing debts and eventually eliminating it
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