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Enduring Debt Relief – Online Scottish Trust Deeds
By LindaR Davis
An online Scottish trust deed is a formal agreement between the creditor and the debtor in which the debtor promises to clear the debts of the creditors on agreed terms. As the name suggests an Online Scottish trust deeds is used only in Scotland. These deeds are equivalent to IVA's i.e. individual voluntary agreement and are regulated by The Bankruptcy Act 1985 in Scotland. These deeds are alternative to segregation for the debtors.
The criteria behind an online Scottish trust deed is:
You will not go for any more debts during online Scottish trust deed term.
You will be paying all the repayments for agreed amounts and on time.
You will be notifying the insolvency practitioner if your financial circumstances changes while making repayments.
Debtors that lack the enough disposable income to meet their debts repayments can go for an online Scottish trust deeds. These deeds are used for consolidation of the entire unsecured debts into single monthly repayments spread over some agreed period of time. The amount of repayment is based upon the repayment capacity of the borrower. This amount is decided after taking the income, living expenses and other debts with the individual. But this amount is lower than what the debtor is paying currently and is unable to afford the same for long.
Advantages:
About the Author
LindaR Davis has been associated with ScottishTrustDeeds, since its inception.Having completed her Masters in Finance from Oxford University, To find Scottish trust deeds,Online Scottish trust deeds in UK visit http://www.scottishtrustdeeds.co.uk
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