Will changes to Scottish debt rules mean more Bankruptcies?

The Scottish Government is planning changes to debt solution rules. What are the proposed changes to Trust Deeds and Bankruptcy? Will more people go Bankrupt?

Do I have to tell my Partner if I start a Trust Deed?

You are not legally obliged to tell your partner about your Trust Deed. If living together not telling them may be difficult. What if have a jointly owned home?

If I do a Trust Deed will my partner have to pay my debt

Your partner is not responsible for paying your debts if you start a Trust Deed. Do you have to disclose your partner’s income? What happens to joint debts?

Can I stop a charging order with a Trust Deed?

A Charging order can be prevented by starting a Trust Deed. What if the application has already started? What if a Charging Order is already in place?

How much will my Trust Deed payments be?

You pay as much as you can afford into your Trust Deed. You have to pay in all of your Disposable Income. Is there a minimum payment? Are the payments fixed?

What happens to my Pension if I start a Trust Deed?

Can you still pay into your pension fund if you start a Trust Deed? What if you are drawing a pension income? Can it be settled early with a pension lump sum?

What happens if I receive inheritance during a Trust Deed

A inheritance payment received during a Trust Deed must be paid into the Arrangement. Will the Arrangement finish early? Can you keep any of the inheritance?

Can we do a joint Trust Deed?

It is possible to start a joint Trust Deed. What if one partner only has a few debts? What if one partner earns all the income? When should they be avoided?

Can a Trust Deed help if mortgage rates go up?

A Trust Deed can help you keep your home when interest rates rise. How will it help you pay your mortgage? Is your home protected? What are the downsides?

Full and Final Settlement Trust Deed

A standard monthly payment Trust Deed involves making payments towards your debts every month for a period of 4 years. However if you cannot afford to make monthly payments you can still use a form of this debt solution if you can make a lump sum of cash available. This is commonly referred to as a […]