If you live in Scotland and you are facing serious debt problems, a Protected Trust Deed (PTD) can help you to avoid all of the trauma of bankruptcy/sequestration. It is similar to the English IVA.
A PTD allows you to become debt free after a fixed period of three years. Because it is a legally binding agreement, you are protected from legal action by your creditors during those three years. You also benefit from new monthly payments that are based on what you can afford. These new affordable payments replace all of your current monthly repayments. Any debts remaining at the end of three years are effectively written off by your creditors. An important benefit of the PTD is that unlike sequestration, you are very likely to be able to keep your home.
Debt Management: Subject to status. Conditions Apply. Repaying debt over a longer period may increase the total to be repaid. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term. Fees Payable. IVA, an IVA is a serious undertaking, it may damage your credit rating for up to six years. If you own a property it will be safe in an IVA, however you may be required to remortgage and release additional funds for creditors after three or four years.
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