If you’re interested in trust deeds, the next step is to look into the trust deep application. Being in a rough financial situation can be stressful, but you don’t have to fear what the future holds anymore. You can reach for a brighter future, one day at a time. That’s what the trust deed program is designed to give you. This isn’t something that’s governed by private means — it is actually written into law as a method of debt relief.
In order to qualify, you must be a resident of Scotland and have significant debt to repay — if you have less than 6500 GBP of debt, then you will want to look into other options.
Be aware that you will most likely have to give up many of your assets to the trustee that can be used to pay back your debts. This isn’t something that’s going to allow you to live a luxury lifestyle and pay back your debts when you see fit. It’s designed to strip down your assets to the bare essentials, and then it will help you pay the rest off over a 3 year period. After 36 months, whatever is left is erased from your record, giving you a chance to start over.
Will it be easy? Not at all. You will need to make sure that you can demonstrate the ability to pay your bills on time, and the consistent effort to make it happen. Will there be times that you have trouble with this? It’s highly likely, but you will need to decide whether or not this is worth it for you. If you don’t do something to take care of your debts, it will just get worse and worse. By entering the trust deed agreement, you will be able to most likely shield the assets you need to get your life back together, while showing your creditors good faith. As every case is different, you will want to make sure that you get a financial advisor to give you more specific information.
The trust deed path sure beats the frustration, guilt, and worry that come from not knowing how you will take care of things in the long term. If you dream about perhaps buying a home or being able to give your children a more advanced education, you will need to definitely think about how you take care of your debts today. The “good life” feels even better when you can appreciate it, and after clearing your debts it is very likely that you will appreciate life in a different way than before. Good luck!