Declaring bankruptcy UK is a serious step usually taken by those who feel they no longer have any other alternative. Remember, going bankrupt essentially makes you lose control of your assets, so it’s best to truly explore all other UK debt management options before considering bankruptcy. Whe...
Scottish Trust Deeds
Scottish trust deeds is a debt solution that helps borrowers who are seriously struggling to pay their debts.
The individual in debt agrees to pay what they can afford from their earnings and in return lenders freeze interest and charges and then wipe out any remaining debt at the end of the agreement.
A deed is created based on two factors.
- What the individual can afford to pay back (over a few years)
- The total owed to creditors.
The usual length of time for a Scottish Trust Deed is three years, but Trust Deed Agents can increase this to four years where necessary.
The main benefit to the individual in debt, is that the creditors will no longer be able to contact them and are legally obliged not to harass their client.
A Scottish trust deed however, is a legal undertaking. And this is why you speak to a qualified, licensed and experienced Company like HJS Recovery before entering into such agreement.
The borrower hands over their rights over their assets, like their home and car, to the insolvency practitioner in charge of running the trust.
The good news however is that the borrower can usually write off up to 90% of their debt.
Even people that do not have much additional money available can pay off their debt without paying any interest that has accumulated.
Additionally, people who sign up for a Scottish Trust Deed need not worry about passing a mandatory credit check.
They do not even have to worry about any setup fees.
A trust deed is unprotected or protected - an ordinary, unprotected deed is not binding on creditors unless they agree to the terms, while a protected deed gives both sides of the agreement extra safeguards.
In order for the trust deed to become protected the total number of creditors who object must not be more than half of all creditors in number and a third or more in value.
Creditors who do not respond to the insolvency practitioner within five weeks are deemed to have agreed to protect the deed.
Under the deed, the borrower’s responsibilities are -
• Paying in a regular, affordable monthly payment for the agreed term of the deed, which is typically 36 months. The amount depends on how much disposable income is left after deducting priority livings costs, like mortgage or rent payments, utilities, food and other bills.
• Paying a lump sum from any assets - sometimes the borrower’s other assets, like a home, car or cash in the bank are included in the deed
The agreed repayment is all a borrower pays unless they receive an unexpected lump sum, when some or all of the lump sum will need to be paid into the trust.
In return, creditors agree -
- To stop adding interest or charges to debts
- To put a hold on any legal action
- To write off any remaining balance on debts at the end of the deed
Why Use HJS Recovery For Your Scottish Trust Deed
Before entering in to an agreement, it’s essential to take advice about Scottish Trust Deeds from a qualified professional who can talk through the options.
HJS Recovery have a qualified and experienced team on hand right now to answer your questions and put to bed any concerns you may have.
Our team is fully qualified and licensed and we have offices in Glasgow.
Once an individual enters an arrangement through us, the legal work usually takes up to four weeks to complete.
When the deed is underway, we ensure that the lenders do not contact the borrowers directly. We remain the point of contact by law for both sides whilst running the deed.
Providing a borrower sticks to the repayment terms of a protected trust deed, credit providers cannot take action to bankrupt them, but borrowers are also barred from applying for bankruptcy or arranging a debt repayment programme.
A Scottish trust deed is a serious insolvency solution that affects a borrower’s credit rating.
HJS Recovery help people in debt throughout the whole of the UK, and unlike many companies offering Scottish Trust Deeds, we have an office in Glasgow.
HJS Recovery has a reputation for offering excellent levels of communication and a responsive service plus all of our team members are fully qualified, experienced and have an excellent understanding attitude to the clients delicate situation.
With the above in mind, if you are being harassed right now by your creditors, or if you are feeling totally overwhelmed with your rising debts, put a stop to the pain right now and call us on 0800 0141 130.
Dont Just Take Our Word For It, See What Our Clients Say About Us
Check out just one of many testimonials from a client in Midlothian, Scotland..
“We have been very pleased with the service we have received from HJS. They have helped us sort things out with no hassle and no problems at all. They have definitely helped make our lives slightly easier and given us a light at the end of the tunnel.”
For a number of years I struggled with my debts, I was constantly worried and stressed to the point it was affecting my health. HJS Recovery deal with all of my creditors and for the first time in years I feel relaxed and in control. Everyone at HJS Recovery have been very helpful, approachable and most important of all very respectful.
Miss W from Edinbugh
I would like to take this opportunity to thank all the staff at HJS Recovery for all of your assistance in helping me to resolve my mounting debts problem. The total understanding and professionalism shown to me was truly marvelous and removed all my fears and stress that I was going to become a Bankrupt. I now have my debts under control with just the manageable one payment per month to my creditors and I now can sleep easy on a night.
Mr P from East Ayrshire
The service supplied by HJS Recovery has helped me get my debts in order which has stopped them from getting out of control. There's always a friendly voice on the phone who helps me if there's any problems. Overall it just let's u live a stress free life.
Mr B from Lanarkshire
HJS Recovery have helped to ease the worry caused by the crippling debt I was left with after my marriage failure. I couldn’t see a way to ever be debt free but HJS provided the solution. Throughout the process they were supportive and non judgmental , which helped to ease the strain and if I am honest the shame I felt. I have had couple of glitches along the way and they have supported and been understanding throughout, helping to find solutions and move forward. I can’t thank HJS enough. I can see the light at the end of the tunnel... thank you!
Ms L from Stirling
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