If you are planning to execute a protected trust deed as advised by some legal experts, you should first fully understand about this scheme. This is really one of the best Government based schemes introduced by the Government of Scotland for the benefit of its citizens. This scheme is very helpful to those people who are suffering from some serious debt situation and there is no way to settle the debt amount as agreed by their creditors. At this critical situation, when you are thinking about to clear your dues the Protected Trust Deed is coming into the picture. You can get updated on the latest development about the trust deed at dailyrecord.co.uk. There are many advantages of using this unique Scotland Government scheme. You can find some of the best advantages here below.
· If you are having any debt problem and finding it very difficult to repay the loan amount, then you have first to contact the Scotland Debt Solutions agency. This professional debt solution group members will access your case thoroughly and they will provide you with a better solution so that you will be free from debt in future.
· The trustee or your creditors generally will take legal possession of your assets mainly your house property in order to liquidate them to cover the debt amount. Keep in mind that these kinds of methods are followed only when there are no other options to settle your dues. So they will try to find out some alternate option in order to safeguard to home.
· You have to pay a certain fixed amount on a monthly or weekly basis as per the protected trust deed arrangements after covering all your living and other necessary expenses. They are not only giving important to your personal life as well as arrange to settle your dues in a proper manner.
· There are still flexible options in the standard equated amount approved by the trustees. You can still increase or decrease the amount as per your request, but the trustees will properly evaluate the situation and then approve the changes.
· Once the protected trust deed is executed, you have bound the rules and regulations defined by the trust deed. In case you are still having a problem with your creditors you can approach the trustees to safeguard your position. The trustees will advise your creditors to contact them directly for any matters and not to disturb you.
· Your creditors have no right to file a case against you under any circumstances like bankruptcy after the protected trust deed is executed.
· Normally, the agreement will be in force for a period of four years. Once the contract period is over you will be totally free from all your dues which are part of the agreements. Keep in mind that some dues such as criminal case fine, student loan amount will not be covered under this scheme.
· Once, the majority of your creditors agree to execute the trust deed, you are immediately protected from further charges and interest for your loan amount. So your loan amount will not increase further.
· Normally there will not be any problem for your current job and also you can continue your business after executing the trust deed