Scotland Iva - Protected Trust Deed

Avoiding Bankruptcy

Bankruptcy can be humiliating and a public experience! The Debt Counsellors will not recommend bankruptcy as a viable solution to serious debt problems if we consider that there is an alternative solution!

If you would like to avoid bankruptcy, then please get in touch and ask us for alternative solutions to your debt problems.

Why you should be avoiding bankruptcy in the UK

Some of the effects and consequences of being declared bankrupt are:

Bankruptcy should not be considered if you have assets of any reasonable value and own your own home, even if there is little or no equity. The new Enterprise Act, which states that certain classifications of bankrupts could be discharged in twelve months, this will happen in relatively few cases, and it should be remembered that the stigma of bankruptcy will probably NEVER go away.
Even after being discharged, bankruptcy can affect the ability to obtain a mortgage or get credit for many years to come!

Bankruptcy is always advertised: The bankruptcy application will be advertised in the London Gazette and the local press where you live.

Notification is made to everyone financially connected: Your bank, building society, creditors, landlord, etc. will be informed immediately.

Bankrupts cannot run a business: Any business you own will be closed immediately.

Your future assets will be lost: Any asset that might have been acquired during the term of the bankruptcy, such as inheritances, insurance pay-outs/maturities, equity in property, windfalls, etc.., and possibly pension income.
Bank accounts and credit cards will be closed. Anything that is being purchased by lease or HP, such as your car, will be immediately returned to its owner.
People that have been bankrupt before should be very careful about being made bankrupt again, as the minimum period of bankruptcy is 5 years, and could continue for up to 15 years before being discharged.
Some employment situations will be prejudiced by being declared bankrupt, and professional and business status will be lost. Membership of many associations and societies will also be lost.

Trust Deeds

For debt help in Scotland, The Debt Counsellors can really help…
Would you like?

  • To reduce your debt
  • Have more spare cash
  • Reduce pressure on you
  • Have a better quality of life

A Protected Trust Deed (PTD) can write off a large proportion of your debts (subject to your circumstances), and if you keep up the affordable monthly payments, you will be debt free usually within 36 months, guaranteed.

A Protected Trust Deed (PTD) is the Scottish equivalent of an IVA.
A PTD can help you get debt free in Scotland. It will achieve all of the following;

  • Cease any legal actions.
  • Freeze all interest and charges.
  • Cancel out any existing CCJs.
  • Stop demand letters and phone calls from irate creditors.
  • Give you the peace of mind to have a fresh financial start.
  • An affordable monthly payment based upon your available disposable income.
  • Your best night’s sleep for a long time.

The Debt Counsellors have successfully helped thousands of people to be debt free. Every case is different and the least drastic and most effective remedy, based solely on individual needs is identified for your benefit.