What is a Statutory Moratorium? A statutory moratorium is a temporary period during which a person or business facing financial difficulties is protected from their creditors. During this time, creditors are not allowed to take any action to recover their debts. The aim of the statutory moratorium is to provide breathing space for the debtor…
Introduction Dealing with debt can be a stressful and overwhelming experience, especially when you’re not sure where to turn for help. Fortunately, there are debt management tools available in Scotland that can help you get back on track and regain control of your finances. The two most common debt management tools are Trust Deeds and…
Managing your finances can often be a challenging task, especially when you find yourself in a situation where you have entered into a Trust Deed. For those living in Scotland, a Trust Deed is a legally binding debt solution that enables you to consolidate your unsecured debts into one affordable monthly payment, ultimately making it…
Entering into a trust deed, also known as a Scottish trust deed, can have an impact on your credit rating. Trust deeds are a form of insolvency in Scotland, and they will be recorded on your credit file for six years, which can make it difficult for you to obtain credit during that time. Additionally,…
Differences Between Trust Deeds and IVAs There is often confusion between Scottish trust deeds and Individual Voluntary Agreements (IVAs). Both are legal tools that can be used to help those in debt and share many similarities. However, despite the several shared similarities, a trust deed is not an IVA. The two agreements have some notable…
Scottish trust deeds and employment Debt can be a huge burden, especially when life throws you a curveball. If you’re struggling to keep up with your payments, a Scottish Trust Deed may be the answer to your prayers. This simple debt management system allows you to pay off a manageable amount of your debt each…
Can a trust deed be canceled? How does a trust deed work? A trust deed is a voluntary binding legal agreement between you and all your creditors. It is a legal arrangement that allows you to make reduced affordable payments over a set period of time, after which your unsecured debts are usually written off….
Setting up a scottish trust deed What is a Scottish trust deed? A trust deed is a formal insolvency procedure and legally binding agreement that is available only in Scotland. It offers a great alternative to sequestration (bankruptcy) if you’re struggling with serious debt problems. A trust deed generally lasts 4 years after which, any…
When considering a Trust Deed to manage your debts, it’s essential to understand its duration. A Trust Deed is a formal, legally binding agreement between you and your creditors, which can significantly impact your financial future. Understanding how long a Trust Deed lasts will help you make an informed decision and prepare for life after…
Navigating the world of financial planning can be complex, particularly when it comes to the diverse range of options available to safeguard your assets and plan for the future. One such option that merits consideration is a Trust Deed. This legally binding arrangement between you and your creditors can provide a structured pathway to manage…