Protected Trust Deeds
A PTD is a good option for debts over £5000 in Scotland
- Interest frozen and further charges will be stopped
- Clear your debt within 36 months
- One single, affordable monthly payment towards all of your debts
- Completely stop any contact from your creditors
- Prevent or stop further action, such as legal action and bankruptcy
What is a PTD?
A PTD is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for three years, after this time any remaining debt is written off and classed as settled. A PTD can write off anything up to 85% of your debt.
How does a PTD work?
A proposal is drawn up and sent to each of your creditors, this will contain an arrangement offering a reduced payment towards your debts and will last for three years. Any outstanding debt after three years will be written off. The majority of your creditors must agree to accept the terms of the arrangement before it can be put in place, two thirds of your creditors must agree for you to enter into a PTD. Once the arrangement is in place your creditors are not permitted to take any action against you.
What are the advantages of a PTD?
Once the PTD is agreed your creditors cannot take any further action against you. . The benefit of a PTD is that you will know exactly when you will be debt free, usually three years. Also a PTD is a lesser extreme to Sequestrian (Scottish Bankruptcy) and is a favourable option for both you and your creditors. Any interest and charges will also be frozen. As the arrangement is legally binding your creditors cannot change the terms or payment amount.
Speak to one of our Friendly Experts
If you have any questions regarding an PTD, just simply fill in the form opposite and one of our friendly experts will contact you.
Problems with debt? We'll put you in contact with people that can help.
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Debt Management
Debt Management Plan
A Debt Management Plan is a scheme that can help you pay back your debt at a rate you can afford. This is an informal arrangement between you and your creditors. You will make one single, affordable payment each month to us and we will distribute this between the companies who you owe money to.
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IVA
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for five years, after this time any remaining debt is written off and classed as settled. An IVA can write off anything up to 75% of your debt.
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Protected Trust Deeds
Protected Trust Deeds
A PTD is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for three years, after this time any remaining debt is written off and classed as settled. A PTD can write off anything up to 85% of your debt.
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Remortgage
Remortgage
A remortgage (also known as refinancing) is the process of paying off your mortgage with the proceeds from a new mortgage using the same property as security. Homeowners may choose to remortgage for various reasons, including to reduce the size of your monthly repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.
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Loans
Loans
If you have a poor credit rating or are experiencing problems obtaining credit then it may be worth looking at loans offered to suit these circumstances. There are still options to help you get the credit you need. We can even help if you are suffering with defaults, CCJs or arrears. Whatever your circumstances, we can get you back on track.
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Debit & Credit Cards
Debit & Credit Cards
Pre-Paid cards ether debit or credit do not require any proof of income, so they are a quick and easy way to benefit from the convenience of a card without the risk of accruing debt, They work in much the same way as a pay-as-you-go mobile account. Load the card account with money & it can be used as you would any other debit /credit card.
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Bankruptcy
Bankruptcy
Bankruptcy is generally a last resort when it comes to debt solutions. If you are unable to repay your debts then Bankruptcy may be worth considering. A bankruptcy order will prevent your debt increasing and will technically give you a fresh start regarding your debts. It is very important you consider all options available and seek professional advice.