Thursday, 12 January 2012

Bankruptcy in Scotland

When you here the term "Sequestration" what it means is bankruptcy if you reside in Scotland. To avoid sequestration, a wise option for you could be a protected trust deed.
While in a trust deed, you voluntarily transfer all your assets, to a person named your trustee who will use all your assets to pay off your creditors. Put simply it enables you to pay back your debts in an agreed period of time. You make one monthly payment to your trustee this is an affordable amount to you, and after the agreed time any remaining debt is written off.

The amount you pay depends on your circumstances and will last for approximately 36months.

All trustees must be a qualified practitioner. They are regulated by law and must be members of an approved governing body.

You need to know:

What you are going into, you are going into a contract to pay back your debts, normally at a reduced rate. Because of this you agree to the below:
1 You must do what the Trustee asks.
2 You must pay the agreed monthly contributions.
3 You cannot take any further credit
4 If you receive any money more than £200 you must inform the trustee.
All interest and charges will be frozen on the day off signing the Trust Deed.

The Good News About A Trustdeed.

1 The trustee will handle all queries from your creditors, so no more phone calls or fear of answering your door.

2 It is made to help so will be affordable and can be more flexible compared to sequestration.

3 It also does not take away all right to hold certain public offices, which is the case in sequestration.

4 It can be possible for some companies to continue trading and some individuals can retain their directorship.

5 The fact you enter a trust deed is not published (unlike sequestration).

Always make sure you know all the facts before you sign.

Entering a trust deed is not to be taken lightly – know all the facts before you sign.
Before you sign anything, seek advice preferably from a charity get them to explain what happens and talk you through the process, make sure you know all your options and choose the best option for you.


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