If you’re looking into a Scotland trust deed as a solution to your issues with debt, then you should be congratulated on an excellent decision. Scottish trust deeds were first introduced by the government in the year 1985. They were meant to provide Scotland’s citizens with a viable alternative to bankruptcy and they’ve more than lived up to their original purpose since then.
However, deciding such a deed is the right solution for you and choosing the right trust deed Scotland solution in particular are two different matters. Let’s take a closer look at what these formal and voluntary arrangements bring to the debt solution table, as well as explore ways to make sure you choose the right option for your needs.
Do You Meet the Basic Criteria?
Before you begin the search for a trust deed Scotland debt solution, it’s important to know whether or not you actually qualify. You must meet all of the following criteria. If you do, then you’re an excellent candidate.
· You are a resident of Scotland or have only recently left Scotland.
· You are honestly unable to fulfill your obligations in regards to your existing debt.
· Your debt is 5000 pounds or greater.
It is also important to note which types of debts qualify for inclusion under a Scottish trust deed agreement. Unsecured debts (such as credit card debts), loans, bank overdraft charges, store credit accounts, and council tax arrears can all be included.
What Is an Insolvency Practitioner?
The trust deed can only be enacted by a properly licensed insolvency practitioner (IP). The IP will be acting as an official trustee and will be responsible for interacting, negotiating, and communicating with your creditors on your behalf. Once an agreement has been reached, up to 90% of your accumulated debt may be written off altogether. The remaining amount will be repaid over a period of 36-48 months according to the terms of the deed.
Once the deed proposal is drafted and finalized, the insolvency practitioner will continue to work on your behalf to see to it that the criteria are complied with on both sides. In the event your creditors do not willingly agree to the terms of the trust deed, then the IP will also be in charge of working to get the terms accepted.
What Should I Be Looking for in an Insolvency Practitioner?
Although it can be tempting to simply select the first IP that you stumble upon, it’s important to make sure you take the time to select the best trust deed Scotland IP available. Make sure you consider the following.
Reputation and Qualifications
As is the case with any service provider, experience and expertise matter when it comes to insolvency practitioners. Make sure the one that you choose has a solid reputation for doing excellent business and delivering debt solution results people have been happy with. If you know of a friend or relative that has gone through the process prior to you, ask them who they used. Were they happy with their experience? Would they use the same service again? Why or why not? Your accountant may also be able to make some solid recommendations.
It’s also an excellent idea to leverage the power of the Internet in order to find out what other consumers are saying about a given agency before you decide. Don’t be afraid to ask reps from each of your options for references or testimonials either.
Naturally, you’ll also want to make sure the insolvency practitioner you select is fully certified and licensed under Scottish law. Ask each IP for proof that they’re properly qualified to handle your Scottish trust deed agreement before you choose.
No matter how qualified a given IP may be on paper, it’s just as important to make sure you choose someone you’re comfortable with. They should make you feel at ease from the time of your first meeting, listen to you, and go out of their way to make you feel valued as a customer. Their staff should seem professional and customer service oriented as well.
The more care you take during the process of choosing your insolvency practitioner, the better the actual process of establishing a trust deed Scotland agreement will be. Choose carefully!