What is protected Scottish trust deed?

When a trust deed is accepted by your creditor proposed by your trustee you trust deed is protected. A

protected trust deed gives you the chance to make an affordable monthly payment of your debt for

three years and once the period is over you can credit again. In the meantime your creditor cannot

charge you any more bills. Your creditors cannot contact you or disturb you anymore. Your trustee will

set an amount of money in your reach to pay in a monthly scheme towards your creditors and they have

to be satisfied with that money. A protected trust deed stops your creditors even from suing you in the

court.

Protected Trust deed is alternative of Bankruptcy: A protected trust deed saves you from going for

sequestration. If you think that it is better that you go on bankrupt then stop, think again. There is a last

chance that can stop you from harassment of being bankrupt. Contact to a trustee who is also called

Insolvency Practitioner and seek for advice.

How does it work? When you decide that you are going for protected trust deed you have to contact a

debt advisor company who will refer you an Insolvency Practitioner well known as trustee. Your trustee

will go through your debts and your income. He will set a minimum affordable monthly payment. Then

he will present the proposal to your creditors. A voting will be held. The majority of the creditor will

decide what to do next. It should be kept in your mind that the creditors will agree if there is enough

reasons to believe that this will pay them better instead of the payment would arise if you go for

sequestration.

How much time does it take to get a trust deed? It takes 4 to 6 weeks to create the draft of the

proposal to be made to your creditors. Once you provide all information to your trustee he would take

this time to make a set for you and decide a monthly payment amount to pay your debt. After he

presents a proposal to your creditors it would take not more than 2 weeks to set a meeting for voting.

When you are free from obligations? The Protected trust deed lasts for three years. Then you are

free to credit again. Once it is protected creditors you r interest and charges will freeze.