Credit File Effects
Choosing a Protected Trust Deed will go on your credit file for up to six years which could effect your ability to get credit during this period
Write off debt you cannot afford using a Protected Trust Deed in Scotland
Stop legal action from your creditors with a Protected Trust Deed such as court action, decrees, earning arrestments or bank arrestments to recover debt.
A Protected Trust Deed can include all unsecured debts, including rent arrears, council tax arrears, debts from HMRC/ DWP and much more
A Protected Trust Deed will involve an insolvency practitioner, who will deal with your creditor correspondence, reducing phonecalls, texts, letters and visits from creditors
Sometimes a Protected Trust Deed can be longer than four years but this would be explained at the start but the majority of Protected Trust Deeds only last four years.
Prevent or stop any arrestments on your earnings or bank accounts from debts
A Protected Trust Deed can have various benefits, hence why it is the most popular debt solution in Scotland. Benefits include;
Beware though a Protected Trust Deed is not for everyone and it is important to get debt advice from a regulated debt advisor to give you specific debt advice as a Protected Trust Deed could – effect your credit file for up to six years, stop you gaining credit over £500 whilst in the plan, it can restrict your expenditure and possibly effect your tenancy situation or employment.
As part of our service, our trusted provider will take a look at your financial situation, explain the available options, and advise which debt solution could be suitable for you.
If you decide you want to set up a debt solution our trusted provider will do this for you. If you then want to use their services, we get a fee for introducing you and fees are payable if ongoing services are provided. Entering into a debt solution will have an impact on your credit rating for at least six years.
To find out more about managing your money and getting free debt advice visit, Money Helper, an independent service set up by the Government to help people manage their money.
We launched Scottish Trust Deed, to give residents of Scotland a way to find a regulated debt advisor to let you know your rights when in debt, help you with a solution if eligible and as a marketing site.
Check if you qualify with our free debt assessment form, simple questions about your situation, nothing intrusive but to help you get specific advice in return.
Speak in total confidence to the advisor you are referred too, they are not there to judge you but to help you and in moments they will make you aware of the help available.
Your advisor will handle things very quickly and take care of the tricky work, including contacting the people you owe money, they can also find out who you owe what to and amounts, etc … It’s time to relax and enjoy life without debt.