Is a Trust Deed in Scotland a Good Option?

Being in debt is bad but fortunately, there are so many arrangements to handle debts that it has made the whole matter more organized and easier. Of course, every country has different sort of debt arrangements but in this article, we would be focusing on Scotland. People are always wondering whether can you get an IVA in Scotland? It is a fair question because Individual Voluntary Arrangements are pretty common throughout Wales, England etc. but it is not so in Scotland as IVA is not available to the residents of Scotland.

If you live in Scotland then you do not need to despair because you can manage your debts through Trust Deed. The Scottish Trust Deed is sometimes said to be even better than IVA or any other type of debt management arrangement but that is debatable. This article is to write down the various benefits that a Scottish Trust Deed can provide to the person in debt so let us start listing them down one by one.

Management of Debts

The best thing about the Trust Deed is that the person who is in debt would not be handling the debts rather his/her trustee would. The trustee would be an insolvency practitioner which means that the expert would be effectively managing everything  while the person can just relax and do what the trustee tells him/her to do which is quite a relieve as there is no work on the shoulders of the person in debt.

Payments

When you have a Scottish Trust Deed, you can easily handle the debts that you are in because you would only have to pay a certain amount of money every single month over the course of specific years (4 years usually) and the amount is generally manageable.