Frequently Asked Questions
Now that your trust deed has been protected this FAQs page will provide the answers you need, if not, please do not hesitate to call us.
Now that your trust deed has been protected this FAQs page will provide the answers you need, if not, please do not hesitate to call us.
You are obligated under the terms of your Trust Deed (Section 5 – Co-operation and Provision of Information) to inform your Trustee of any of the following:
As per Section 168 of the Bankruptcy (Scotland) Act 2016 you are required to pay your agreed contribution.
By obtaining protected status, this means that none of your creditors can take any further action against you for the recovery of their debts. Upon protection, your creditors are legally bound by the terms of the Trust Deed.
When you have fulfilled all obligations in terms of your Trust Deed i.e. paid all contributions/complied with your Trustee, then you will be discharged from any debt incurred prior to signing the Trust Deed. Any remaining unsecured debt (other than those excluded) in your Trust Deed will be written off.
We will carry out the required statutory procedures to conclude your Trust Deed and you will then be formally discharged from your Trust Deed. A statutory form confirming your discharge will be sent to you.
Whilst there is no legislation to restrict you from using credit, there will be no allowance given in your income and expenditure for any repayments, therefore, it is deemed inappropriate to incur further debt whilst in a Trust Deed.
Ready to regain control of debt and get your life back on track? Try our online form to check if you could qualify, or just call us.