How does a Sole Trader set up a Trust Deed?
If you live in Scotland and you are struggling to pay your unsecured debts then a Trust Deed might be an appropriate Debt Solution for you. You would normally need debts in excess of £12,000 with atleast two creditors. When we speak to you we will do an analysis of your debts, your monthly income and your monthly outgoings (i.e. bills, rent, mortgage, food, fuel etc). This enables us to determine whether or not a Trust Deed is the best debt solution for your circumstances. If a Trust Deed is your best option and you want to proceed, we will draft a proposal for your creditors with the input of our Licensed Insolvency Practitioners. The proposal will detail your proposed monthly payment to your creditors, the amount of debt you propose to pay and the percentage that will be written off. Once your creditors agree to the proposal, your Trust Deed will become protected and legally binding. This means your creditors can not opt out or hassle you for debts within the agreement.
