You may have seen advertising for a solution to debt called an IVA or Individual Voluntary Arrangement and noticed that the small print on the advertising says ‘Excluding Scotland’ or similar.
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You may have seen advertising for a solution to debt called an IVA or Individual Voluntary Arrangement and noticed that the small print on the advertising says ‘Excluding Scotland’ or similar.
Why are Scottish residents excluded from applying for an IVA?
The reason why is that the laws in Scotland differ and an IVA does not exist as such. What should be mentioned is that Scotland actually has an equivalent version and it is known as a Protected Trust Deed (PTD).
There are two differences that in some respects make a PTD a better solution than the IVA.
✓ Reduced unsecured debt level generally accepted to be £10,000 compared to £15,000.
✓ Typical repayment length of 36 months compared to 60 months of an IVA.
These are important factors that have helped shape the PTD and both share common advantages.
✓ Debt repayment tailored to meet your affordability to realistically repay.
✓ Legal protection from creditors.
✓ An element of the unsecured debt can be written off.
There are disadvantages too such as a negative impact on your credit rating and the threat of sequestration should you not keep up the terms of your debt repayment.
Even if you do qualify for a Protected Trust Deed, there is no guarantee that you are choosing the most appropriate way of managing your debts. In Scotland there is another debt solution known as a Debt Arrangement Scheme for example.
To find out which form of Debt Management Scotland best suits your circumstances, you can discuss your case with an impartial money advisor who you can find at your local Citizens Advice Scotland bureau or local authority.
When you have discussed the pros and cons, looked at alternatives and made your choice of debt repayment method, you can then look at different Scottish IVA providers to find a reputable Protected Trust Deed Insolvency Practitioner.
Trust Deed Scotland, the Scottish owned and operated ethical debt advice organisation as seen on STV have given provided help to thousands of Scottish residents and steered many on the path to a brighter financial future.
With no setup fees, an unrivalled Scottish geographical coverage and a network of reputable insolvency practitioners based in Scotland with enviable rates of protection – perhaps Trust Deed Scotland is a good place to begin your search for a reputable Trust Deed provider.
Call 0141 221 0999 for a free and confidential discussion about your debts and how to get your finances back on track.
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