When you are under debt, it is your responsibility to repay it to your creditors. In case of default, the creditors have the right to take action against you and recover the debts from you. If you are unable to repay the unsecured debts, you must approach experienced insolvency practitioners or money advisers for legal relief in the form of Scottish trust deeds. Firstly, you need to know what is secured debt or unsecured debt. A secured debt is a debt provided to debtors when he renders a collateral security. Unsecured debt is a debt without security such as bills of credit card and personal loans. If you do not pay your unsecured debt, your credit report is badly affected which may trouble you in the future for getting a loan.
Scottish trust deeds allow you to manage your cash inflows and outflows effectively. It gives you relief and extends the time period to repay your debt up to four years. To implement the Scottish trust deed legally, you need to consult a money advisor at debtadvisoryscotland.net
Benefits of Scottish trust deeds-
- No set up fees charged- The money advisors help you to come out of the situation of debt and charge no set up fees for trust deeds.
- Make your unaffordable debt into an affordable debt- As you were struggling with your financial situation, the Scottish trust deeds allow you to pay an unaffordable debt in the form of affordable monthly payments in 48 months.
- Fresh start- The trust deeds allow you to make a fresh start again. You get a second chance to get back to normal life and carry on with your work.
- Another name of insolvency- A debtor becomes eligible for trust deeds if there is no scope of paying off the debts within due date. To know more about trust deeds, you can visit the official site of Debt advisory Scotland.
- Keep your home- To protect your assets, you have to assign your assets such as car and home to the trustee who makes great efforts to help you to not to lose your home. The assets are remortgaged by the trustee for repayment of debt. You may be allowed to keep a car for personal use.