Protected Trust Deeds

What is a Protected Trust Deed?

Also referred to as PTDs, Protected Trust Deeds are used by thousands of residents of Scotland to write off unsecured debts and are most likened to an IVA which is similarly used by residents of England, Wales and Northern Ireland. Once a Scottish Trust Deed is setup, an individual can expect to be discharged after a typical period of 3 years free from their debts.

What are the Advantages of doing a PTD?

Repayment is based on your terms, i.e. the protected trust deed payment is set at what YOU can realistically afford to repay, based on your disposable income.

Using a PTD to clear debt, once accepted by your creditors legally stops all interest and charges and provides an established plan of repayment.

Which debts can I include within the plan?

You must include ALL your unsecured debts. This includes credit cards, personal loans, store cards and bank overdrafts.

What else should I know about Protected Trust Deeds?

Using PTDs to write off your debts will impact your credit rating and you will not be able to get any further credit until after you have been official discharged. You will also need to expect that you will find it more difficult and more expensive to get credit for a number of years after discharge.

In some situations, you may be better off using another Scottish debt repayment tool such as a DAS or even sequestration (Scottish bankruptcy.)

Failure to keep up the repayment terms of a Scottish Protected Trust Deed could result in you being made bankrupt or losing your home although this can sometimes be avoided by extending the length of your trust deed depending on the situation.

For discrete and confidential advice about Protected Trust Deeds Scotland, call Trust Deed Scotland on 0141 221 0999 and we will provide an instant indication on whether you could qualify. All advice is free and without obligation.