Trust Deeds with No Debt Now

By: No Debt Now  15/06/2010
Keywords: credit card, financial advice, debt

Trust Deeds are very similar to an but for residents of Scotland. A Trust Deeds is a legally binding agreement between you and your creditors and will usually last 3 years. It is regulated by The Bankruptcy Act 1985 (Scotland) and offers an alternative to sequestration (bankruptcy).

An Insolvency Practitioner will make a formal proposal to your creditors detailing your monthly payment offer. Once accepted, the Trust Deed becomes legally binding on all creditors and prevents them from proceeding with a sequestration petition or any further action.

Even those creditors who did not agree will be bound by the arrangement as long as a majority vote is obtained.

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