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So you want to enter into a Protected Trust Deed. Well, there really is nothing wrong with this because it is actually a great option to take, especially if you are troubled with mountainous debts that seem to be going unpaid. Before you decide to go into contract, however, you need to get Trust Deed advice so you are sure to arrive at a decision that you made with much thought and care. You can never get into a contract with anyone without understand the terms fully, so before anything else, here are some disadvantages and advantages that you should know about Trust Deeds.

Advantages

• You will no longer be harassed by your creditors for payments
• You will be able to settle a fixed amount every month, which you can easily prepare for before the due date arrives
• You are given 35 months or three years to complete the debt and then the debt will be completely written off
• You do not have to face the humiliation of declaring bankruptcy
• Interest charges are frozen when you are in a Trust Deed
• If you are a company, then you can still keep the business open and continue trading

Disadvantages

• You will need to declare all assets and liabilities
• This will somehow affect your credit rating
• If you are a debtor, you cannot become a director of the limited company
• Details of the Deed will be published in the Edinburgh Gazette
• Trustee will request some fee
• If this fails, the end point is definitely bankruptcy

Debt Help Scotland can help you go through it all.

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