Michael Duff Lawyers

DEBT MANAGEMENT & TRUST DEEDS

We have all discovered over the past decade how easy it is to get into debt, and how difficult it can be to climb out the other side. We have helped dozens clients who thought that their was no way out, but it is important to act before it is too late.

On some occasions it is  a matter of  organising a debt management plan with the co-operation of your creditors, while in others a Trust Deed may be more appropriate.

Trust Deeds became available to residents of Scotland in the Bankruptcy (Scotland) Act 1985. The legislation was introduced to protect individuals with overwhelming unsecured debt from sequestration and home repossession. Subject to certain conditions the Trust Deed can become a Protected Trust Deed, protecting the borrower from interest charges, additional fees and litigation.

By law, the debtor (borrower) has to place his/her debts in the hands of a Licensed Insolvency Practitioner who will be fully regulated by the Consumer Credit Act 1974.

Importantly we do not charge a fee to clients who require to proceed down this avenue, all costs are met by the creditors themselves.

Advantages of a Trust Deed

One easily affordable payment based on your income and expenditure

No cost to the client with no upfront fees

A trust deed offers protection from creditors

All interest frozen immediately

Suitable for tenants and homeowners, individuals and couples, and even business owners.

Michael Duff ASWW LLB Dip.LP

Hudson House  |  8 Albany Street  |  Edinburgh  |  EH1 3QB

Tel 0131 564 0058  |  Mob 07760 465177

Out of Hours 0800 228 9045  |  Email mdufflegal@ymail.com

Member of

Estate Planning Practitioners