Scotland Trust Deed Eligibility
There are several solutions available to you if you have a debt problem. For those in Scotland who are battling with unsecured debt, a Scottish Trust Deed provides a formal debt remedy. There is certain eligibility criteria for the Scotland trust deed.
Because it is only available to citizens of Scotland, an Individual Voluntary Arrangement (IVA) or Debt Management Plan (DMP) may be a better option for you if you live in England or Wales.
Typically, a Scotland Trust Deed lasts for four years, during which time you will make modest monthly payments to your creditors. Any residual debt will be written off at the end of the period.
What is the Eligibility criteria for a Scotland Trust Deed?
Because it is a formal and legal debt solution, the qualifications for entering into a any Scotland Protected Trust Deed are fairly stringent.
To be eligible, you must either live in Scotland or have lived in Scotland during the last 12 months.
- If you have a business in Scotland, you may also be eligible.
- Have a total of more than £5,000 in unsecured debts –
- if you are a couple, each of you must have a minimum of £5,000 in debt to qualify.
- You must be able to pay a monthly contribution because you have adequate expendable income.
- This is commonly calculated by deducting your expenses from your income to arrive at a monthly contribution amount.
- Become bankrupt. This indicates that you are unable to repay your bills because your liabilities exceed your assets. You must not be able to pay off all of your debts in less than 48 months.
- Benefits cannot be your main source of income, and no contribution amount can be derived from benefits; non-benefit income must equal or exceed the payment amount.
- You can’t have gone bankrupt in the previous five years.
What debts are eligible for inclusion in my Trust Deed?
Consider the sorts of debt you have while evaluating if a Trust Deed is the correct answer for you. The following debts can be listed in a Scottish Trust Deed:
- Using a Credit Card
- Loans for Individuals
- Getting a Payday Loan
- Cards for Stores
- Unsecured Debt (Other)
The following debts cannot be included in your Trust Deed Scotland:
- Purchase Agreements for Hire
- Secured Debts (Other)
What am I supposed to do now?
I hope by now you must have understand what is the eligibility criteria for Scotland trust deed and some information about about How Scottish trust deed works? and why an IVA is the good option to choose if you are looking to settle your debt effectively and easily. Here at IVAOnline we try to resolve all your IVA related Issues and guarantee you to make your financial journey much easier than previous.
Get your Trust Deed Scotland today!
We’re here to assist you. Debt counsel is now available for free online. If you seeks any kind of the IVA related help or advice contact us.