The main purpose of a Protected Trust Deed is to provide a solution to problem debt for Scottish residents.
The advantages of Protected Trust Deeds includes being able to write off an element of your unaffordable debt and the ability to reduce your monthly debt payments to a more affordable amount.
Trust Deeds last a typical duration of 48 months, and once protected creditor contact will reduce and then eventually stop.
The disadvantages of entering into a Trust Deed includes the effect it will have on your long term credit history.
In order to establish if a Trust Deed or any other formal Scottish debt solution is right for you, we would advise that you first speak to an experienced debt adviser which will allow you to understand your options and have all pros and cons explained to you.
You may find that an alternative solution such as the Debt Arrangement Scheme (DAS) is more relevant for you, based on your own individual circumstances.