The equivalent
of an IVA in Scotland is the Protected Trust Deed.
IVAs as such are not available north of the border. The Protected Trust
Deed is the equivalent of an IVA, Scotland's own historically highly
successful instrument against personal debt and a much better alternative
to sequestration.
One chief benefit
is that it will immediately reduce the debt by a large proportion. A
Protected Trust Deed can write off as much as 90% of your unsecured
debt (while the amount an IVA is able to write off seldom exceeds 70%
in practice). This great cut in the amount of debt makes a considerable
difference and is the chief thing that distinguishes this from an otherwise
conventional debt management plan. Therefore people seeking help for
debt relief should apply for one of these over a conventional program
on all occasions.
Most sorts of Trust
Deeds in Scotland will be made to run over a period of three years,
although this can be made to vary. At the conclusion of the term the
debt is said to be discharged and the client exonerated. All records
of the various debts which have hitherto been registered against the
client's name and address will be deleted from the records on the authority
of the law.
A Protected Trust
Deed in Scotland is a highly useful instrument and most would jump at
the chance of entering into one because it is legally binding and discharges
the holder from the entire debt when the agreed term has been completed.
It is a much more amiable response to long-term debt than other sterner
measures such as bankruptcy or sequestration and carries none of bankruptcy's
stigma.
So complete the
application form below for impartial advice that's best for you.
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