What Do You Need to Know About a Scottish Trust Deed?

If you are in real financial trouble and are afraid that you will go bankrupt then we would suggest that you immediately get the help of an insolvency practitioner because that is the only person who would be able to provide you with legal help. If you fear that you would be in financial trouble soon enough and you are looking for information about debt management arrangements then this article would definitely prove to be helpful for you as we are going to answer questions that you might have about a particular kind of debt management arrangement known as a Trust Deed in Scotland, perhaps you want to ask can you get an IVA in Scotland?

Instead of a Trust Deed, you might be looking for an IVA but the thing is that IVA is not available in Scotland and the best debt management option is a Trust Deed which brings us back to our article about answering the most important questions about a Scottish Trust Deed so let us start off.

Trustee

Similar to an Personal Insolvency Agreement, you would need to appoint a trustee who would have the power over your possession and would be handling your debts. The trustee is your insolvency practitioner and he/she would be responsible for managing everything in the deed.

Necessities of Life

A great thing about the Scottish Trust Deed is that you do not lose control of everything in your life. Many of the necessities of life are still left at your disposal, usually your car too which is why this particular deed is quite famous among Scottish people.

Eligibility

Another important thing to know is that not everyone is eligible for the Scottish Trust Deed and your IP can tell you about your eligibility.

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