Scottish Trust Deed .Explained

Scottish Trust Deed is done for a specified period which is generally for three years.The advantage of the advantage of the trust deed is that after the specified term is over the remaining debts if any are written off.Scottish trust deeds will not cover secured debt such as loans secured on property or hire purchase agreements.Also bear in mind that if you wish to include unsecured debt that you have with your own bank then they may close,restrict or downgrade your existing account.A Scottish trust deed is a means to enable a debtor who is heavily suffering from financial difficulties,overwhelmed with unmanageable debts to write a proposal for repayment to creditors.This proposal is distributed to all the concerned creditors and in the case the debtor owes no more than 1/3 of his total debt to any single creditor,vote to reject the proposal by any of the creditors becomes invalid