Trust Deeds & Debt Arrangement Scheme

Jan. 27, 2012 - PRLog -- You may not be aware that with a Scottish Trust Deed, your possessions are in the hands of your appointed Trustee. This means that he or she can sell them if necessary to pay back your debts. Be very careful about entering into this arrangement if you are a home owner, therefore. A better option may be to consider the Debt Arrangement Scheme.
   
If you are a homeowner with unsecured debts, the chances are you still have a regular income (otherwise you wouldn’t be able to continue paying your mortgage). Anyone who has a regular income has a good chance of being eligible for the Debt Arrangement Scheme.
   
You do have to have surplus income, though, but what counts as surplus to requirements may surprise you! Although a certain amount for food, fuel, clothing, home maintenance and other regular expenses is taken into account, anything you have left after the absolute bare minimum is then counted as surplus income. When the court assesses how much income you have to live on, what they are really talking about is survival. This may seem harsher to some than to others, depending on the standard of life you are used to.
   
Usually, anyone who has a full time income can be deemed as having a small amount of surplus income that can be used to go towards their debts. As long as this is substantial enough in proportion to your debt, you may be eligible for the Debt Arrangement Scheme.
   
Luckily for you, this means that your possessions will remain firmly in your own hands. As long as you meet the monthly repayment you have been ordered to pay (which should never be more than you can afford), you will be protected against any further action by your creditors including court action or home visits.

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MLM Solutions can offer you more information on trust deeds and various other debt related topics - http://www.mlmsolutions.co.uk/index.php/topnav_protected-...