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Mr Smith has 6 unsecured creditors with a total debt of £38,786, his current contractual monthly payment amounts to £1,163.58. After taking his income minus his essential expenditure into account, Mr Smith has £434 to service these debts. A Debt Management Plan was negotiated for Mr Smith who will pay £434 per month. This single monthly payment will be distributed to creditors on a pro-rata basis. This reduces Mr Smith’s outgoings to his creditors by £729 per month.
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A Protected Trust Deed (PTD) is very similar to an IVA and is only available to people living and working in Scotland.
Under Scottish Law (Bankruptcy Act 1985) a Protected Trust Deed is a legally binding agreement that permits an individual that wishes to repay their debt at an affordable monthly amount.
Up to 90% of the debt can be written off, with the balance being repaid over 36 months.
A Protected Trust Deed
may write off up to 90% of your Debt
We understand that debt is not
just about money, it is about
the pressures that you and
your family have to cope with.
What is a
Protected Trust Deed
A Protected Trust Deed can reduce your debt by up to 90%
You make one affordable monthly payment after taking account your personal circumstances and living costs.
A Protected Trust Deed allows you to be debt free in 3 years
In 36 months you will be debt free, as the rest of the debt is written off.
A Protected Trust Deed freezes interest on your debts
You will stop paying interest on your debts at the point in time of your proposal being approved.
A Protected Trust Deed stops harassment
Creditors and Debt Collectors can’t legally pursue debt repayments once the Protected Trust Deed is in place.
A Protected Trust deed allows you to keep a bank account
You are allowed to keep a regular bank account.
A Protected Trust Deed permits employment flexibility
You are permitted to continue in your existing employment. You will in most cases, still be able to continue in your self employed role and to continue to act as a company director and serve in most public offices.
A Protected Trust Deed avoids bankruptcy
As you have already reached an agreement with your creditors whereby they cannot make you bankrupt if you maintain the agreed payments. If you do not make the relevant payments and abide by the terms and conditions, the Protected Trust Deed may fail. The usual consequence of this would normally lead to sequestration (bankruptcy).
A Protected Trust Deed is not published
Unlike sequestration (bankruptcy), no information on the Protected Trust Deed are published in your local press.
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A Protected Trust Deed can be a good way of sorting out your finances and getting back on track and as an alternative to sequestration (bankruptcy).
Apart from the financial aspect, there are certain disadvantages and implications that need to be taken into account and discussed with you.
We can provide you with good, sound advice and arrange the best debt solution plan for you.
