Sequestration isn't the only solution to those struggling with debts in Scotland. We can offer a trust deed, which could see you debt free in just 3 years, and have interest and charges stopped.
Please see our Trust Deed Questions page for more information, or enquire online to talk to a trained advisor
If you have a considerable amount of debt but do not wish to file for bankruptcy, then a Trust Deed could be a sensible option for you. It is a legal arrangement through the courts, by which you pay a set monthly figure to your creditors over a set period of time (usually 36 months). There are a number of criteria that must be met in order to be eligible for a Trust Deed.
The first, and most important, is that you are a resident of Scotland. You do not need to live in Scotland for the duration of the Trust Deed, however you must have been a resident of Scotland for at least the six months prior to putting in an application.
There is conflicting information about the amount of debt you need to have in order to be eligible to apply. Some sources say it can be any minimum or maximum amount, whereas others say £10,000 minimum. It may be that, depending on your debt level, a Debt Arrangement Scheme could be a better option for you. You should speak to an Insolvency Practitioner or a qualified and experienced debt advisor to help you decide on the best course of action. Another criteria is that you must be in full time employment when applying for a Trust Deed. It is also preferred that you will have been in your full time position for at least six months before applying, although this will also be assessed on an individual basis. Your creditors will need to see that your income is likely to remain stable for the duration of the arrangement, otherwise they may decide to pursue to file for bankruptcy. Similarly you need to know that you will be able to keep up your payments.
Finally, generally you must be 62 years old or less, however each case will be considered on an individual basis.