Trust Deed Scotland’s owner, Harper McDermott Ltd, is one of the first Scottish debt companies to agree to a new Scottish Trust Deed protocol.
Described officially as the PTD protocol, from 1 October 2021 onwards, a number of firms that offer a Scottish Trust Deed as a formal debt solution have committed to changes designed to improve the solution for the benefit of all parties.
In 2020 after lengthy discussions between the governing body for Trust Deeds, the Accountant in Bankruptcy (AiB) and the Scottish government, it was agreed that the AiB, in agreement with Trustees and Creditors, could introduce operational changes in the short-term to improve existing processes and fill any gaps identified in the dialogue between the AiB and the Scottish government.
A Trustee is a person responsible for handling the administration of your Trust Deed, Creditors are the people to who you owe money to.
The intention is to promote good practice, improve transparency and provide further clarity in support of the revised AiB PTD Notes for Guidance, better enabling Trustees to manage debtor and creditor expectations in a Protected Trust Deed.
These changes include:
- Wherever practicable, an interim dividend should be paid to creditors after month 12 from the date the trust deed is granted and quarterly thereafter.
- Should a trustee decide to withhold the debtor’s discharge from their liabilities included in the PTD, they must first submit a completed ‘Application to Refuse Debtor Discharge’form to AiB for consideration and to seek agreement.
- Trustees must only accept referrals from FCA approved lead generator firms.
As Scotland more trusted debt solutions provider, with over 6,000 5 star reviews on the independent review platform Trustpilot, it is only natural that we were one of the first companies to sign up to the new PTD protocol.
Our Insolvency Practitioner, Thomas Fox, acts as Trustee for all of our Trust Deed customers and he was heavily involved in the creation of this Protocol, being part of the Accountant in Bankruptcy’s working group that reviewed the Government’s recommendations and agreed on the key areas that could be addressed in a protocol.
The new Scottish Trust Deed protocol is not a regulatory requirement; however, the Accountant in Bankruptcy is encouraging other Trust Deed providers to sign up alongside Trust Deed Scotland and the other providers.
As a leading formal Scottish debt solutions provider, Trust Deed Scotland has long been an ambassador of improving debt support for people across Scotland.
Help with unaffordable debt in Scotland
Trust Deeds are only one formal solution that can help people with their unaffordable debt, other formal alternatives exist such as the Debt Arrangement Scheme (DAS) and Sequestration.
In order to find out what solutions you may be eligible to apply for, we always recommend talking to an experienced debt adviser.
Not all debt solutions providers are the same. At Trust Deed Scotland, we’ve advised over 25,000 people in Scotland by providing them with tailored debt advice and our customers are at the centre of everything we do.
Call us on 0141 221 0999 today or, complete our online form.