Protected Trust Deed
A Protected Trust Deed is a Scottish based debt solution which is an alternative to Sequestration (also known as Bankruptcy). A Protected Trust Deed can last up to 5 years and requires you to make a monthly payment from your disposable income towards your debt.In the Protected Trust Deed solution you make a proposal to your creditors where you agree to pay back a proportion of the money you borrowed (at least 10%). The remaining debt will be cleared after you complete the solution, if your creditors accept your proposal.
A Protected Trust Deed is suitable for:
- Anyone with unsecured of at least £8000 and;
- Anyone with a disposable income which can be paid to their creditors each month (a disposable income is determined by taking your income away from your expenditure) and;
- Anyone in full time employment.