...60% of my debt was written off!...
Section A – Protected Trust Deed (PTD)
A Protected Trust Deed (PTD) is available for Scottish residents only. Generally, it is a Scottish equivalent to an IVA (IVAs are available in England, Wales and Northern Ireland)
Take the first step by completing the FREE Online Assessment
Protected Trust Deeds - Features
· Debt free in 3 years.
· Interest and charges are frozen.
· Monthly payment is calculated on your ability to pay and what you can afford.
· Other than a reduced monthly payment you hand over no additional money.
· No more creditor contact throughout the PTD.
· Avoids some of the employment restrictions that bankruptcy creates.
· Legal action and collection action will stop.
· You will normally not be able to borrow until the PTD is completed. However, it may be possible to change an existing mortgage or take a new one while you are in a PTD.
· Enables you to start to live within your means.
· Removes much of the temptation to get further into debt.
· Your home and assets may still be at risk if the creditors decide not to exclude them.
· You may find getting credit in the future more expensive. Creditors will assess your risk level based on your financial history.
· You do not have to own a house to sign a Protected Trust Deed.
A PTD is a formal arrangement where an individual makes a ‘deed’ which transfers their assets for the benefit of creditors.
Provided certain conditions are met, the Trust Deed may be registered as “protected”, thereby preventing creditors from forcing the debtor into sequestration (a Scottish equivalent of bankruptcy).
Section B - Bankruptcy
Bankruptcy is a way of dealing with debts that you cannot pay.
Take the first step by completing the FREE Online Assessment
When you are declared bankrupt, assets owned by you might be used to pay off your debts. After one year all of your outstanding debts are written off and you can make a fresh start in your life.
When you are drowning in debt and want fresh start in your life, bankruptcy is one option although there are other alternatives to become debt free.
Bankruptcy information is available throughout our website and we will help you every step of the way
If bankruptcy isn’t the best option to resolve your debt problems then you can consider:
· Debt Consolidation
· A Debt Management Plan
· An Individual Voluntary Arrangement (IVA).
Bankruptcy offers people with severe debt a fresh start. It's the last resort in debt solutions (but for a minority of people could be a good solution.)
Features of Bankruptcy:
· Bankruptcy is a legal process that you can start if you can't afford to pay all of your debts (it can also be started by someone else if you owe them more than £750).
· Your assets are sold (without your consent) and the proceeds are spread between your creditors to recoup as much debt as possible.
· After your bankruptcy ends your creditors can't make further claims against you for your debt.
· The fact you have been made bankrupt is advertised in local newspaper(s), your landlord is told and your employment may be at risk in some occupations and professions.
· If you are a member of a professional body you will need to check to see if you will lose your membership. This can result in you being unable to continue in your current role. Further clarification will be available if you look at the terms of your contract of employment.
· Details are also placed on a bankruptcy register maintained by the Department of Trade & Industry and the Insolvency Service. This is a public document accessed via the internet.
· Anyone who you have had a financial relationship with will be told of your bankruptcy, including banks & building societies, mortgage and secured loan companies, hire purchase companies, people you owe money to and pension and insurance companies.
· You are able to retain tools, books and vehicle that are considered essential for employment.
· You can keep clothing, bedding, furniture and household equipment needed to satisfy the basic domestic needs of yourself and your family
· Bankruptcy is generally a maximum period of twelve months.
· All of your bank accounts will be closed and any funds in them taken to pay your creditors. If an account is in joint names with your spouse or partner then only half the funds can be taken. You’ll be allowed to open a new bank account with the authorisation of your Trustee.
The assets that can be taken are:
· Any interest you may have in property, even if it’s held in joint names with a spouse or partner
· Any shares, bonds, endowments and savings policies
· Any funds held in bank or building society accounts
· High value assets such as motor vehicles and jewellery, although a suitable lower cost replacement can be provided instead
· Lump sums from private and occupational pensions if they mature during the bankruptcy. Also subsequent pension payments for up to three years could.
You can also face having to pay part of your monthly or weekly wage, either with your consent or through a court order. This order is based on you contributing any surplus income and will last for a maximum of three years from the date of bankruptcy.
If you acquire any asset during the term of your bankruptcy these may also be sold to pay off the debt, examples include:
· Inheritances, including property, cash, investments and any other asset of value
· A windfall from a win on the National lottery, football pools or bingo
· Money received after the date of bankruptcy but before the date of discharge from your bankruptcy
If a student loan was taken out after 1st September 2004 then it can't be written off. It will be treated as if the bankruptcy had never happened - if you are currently having payments taken directly from your salary then these will continue until the loan is repaid. If you fall below the income threshold no payments will be made until your salary reaches the level where repayments automatically start. Note that interest will continue to accrue, as per your agreement with the Students Loan Company.
If your student loan was taken out before 1st September 2004, you can include the Student Loan Company as a creditor in your bankruptcy and your monthly payments to them should cease.
Note: ‘Trustee’ is the individual appointed to oversee the bankruptcy order with regard to you and your creditors.
 |
FREEZE Interest Charges & Payments |
|
Up to 60% of Debt WRITTEN-OFF |
|
REMOVE Creditor Hassle & Demands |
 |
ALL Done By Filling-in the Form |
 |
Data Protection Security |