Engineer Your Finances

A Systematic Approach To Money

  • About Us
    • Disclosure
    • Privacy Policy
  • Contact Us
  • Toolkit
  • Security
    • Credit & Debt
    • Banking & Saving
    • Psychology
    • Other
    • Optimization
    • Education
  • Self Discipline
  • Improve Returns

Frequently Asked Questions About Scottish Trust Deeds

Share

questions about scottish trust deeds

If you’re thinking about various debt solutions, then it’s likely you’ll have lots of questions and queries.  In this article we answer some of the most frequently asked questions about Scottish Trust Deeds.

Q.  How do I find out if I’m eligible to enter into a Scottish Trust Deed?

A.  In order to be eligible for this type of arrangement then you’ll need to have debts of at least £5,000.00, be a Scottish resident, have enough money to make monthly repayments over a set period of time and ideally have either property or assets which can be sold.

Q.  How much will I have to repay each month?

A.  This very much depends on your current income and outgoings.  Once you’ve chosen a regulated advisor, he or she will help you to work through your finances and will see what sort of disposable income you have.  If you have enough disposable income to pay off your debts in full then it’s likely you won’t qualify for a Scottish Trust Deed.

Q.  What will happen to my home?

A.  If you own a property then you may be required to sell it in order to raise money to pay off your debts.  That said, if there’s very little (or no) equity in your home it might be excluded from Trust Deed.  What’s more, if you have other family members living in the property you can also apply to the Sheriff Court to request that any sale be refused or delay for up to 3 years.

Q.  How much does it cost to enter into a Trust Deed?

A.  Unfortunately practitioner fees can be very expensive so it’s important you ask about their fees before you enter into any type of arrangement with them.  Your chosen advisor will charge a fixed upfront fee plus a percentage of the assets that they recover as part of the running Trust Deed.

Q.  Is it true that my debts will be written off by entering into a Trust Deed?

A.  If you enter into a ‘protected’ Trust Deed then any remaining balance will be written off at the end of the arrangement.  If, however, the Trust Deed is ‘unprotected’ your creditors may still be able to pursue you for any remaining balance at the end of the arrangement.  Your advisor will be able to give you more information about which type of Deed might be best suited to your individual circumstances.

Q.  Will a Trust Deed affect my credit rating?

A.  Yes.  If you opt for a Trust Deed then this will be noted on your credit file for a period of 6 years from the date on which you enter into it and may make it difficult for you to obtain credit in future.

Q.  Are there any alternatives to a Trust Deed?

A.  Yes, there are different courses of action you could consider.  You can obtain advice on these from any Citizens Advice Bureau or debt charity – details of which you’ll find online.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FOLLOW US

Join Our Newsletter
  Thank you for Signing Up
Please correct the marked field(s) below.

1,true,6,Contact Email,21,false,1,First Name,21,false,1,Last Name,2






Our Favorite Posts

  • How Much Interest Does 1 Million Dollars Earn Per Year? by Trey LaRocca
  • 3-Month Performance Review by Fin Engr
  • Rooting Out The Devil: Kathy Kristof Interview by Fin Engr
  • Money Hackers Carnival #117: Wedding & Marriage Edition by Fin Engr
  • Interview: What’s it all about? More than Money! (Part I) by Fin Engr
  • How to Compare Rates for Mortgage Refinancing by Fin Engr
  • Want To Erase Bad Credit Instantly? 6 Hacks That Work Fast by Trey LaRocca
  • FinEngr Joins The Million Dollar Club by Fin Engr

Blogroll

  • Blonde and Balanced
  • Budget and the Bees
  • Cash Cow Couple
  • Cash the Checks
  • Clever Dude
  • Dinks Finance
  • Enemy of Debt
  • Get Rich Slowly

Categories

Our Friends



Great Investing, Simplified: Get Stock Advisor for Just $99/year!

Need to find a loan? Got a Car? Compare title loan offers near me and get the best rate.

private real estate investors

Order custom essay from professional essay writers.

Visit 123 Term Papers and you’ll receive help from the qualified writers.

Thesis writing help for all the students!


Deprecated: genesis_footer_creds_text is deprecated since version 3.1.0! Use genesis_pre_get_option_footer_text instead. This filter is no longer supported. You can now modify your footer text using the Theme Settings. in /home/engine16/public_html/wp-includes/functions.php on line 5234

Copyright © 2021 · Runway Pro on Genesis Framework