As the country continues to cope with everything that’s going on at the moment, more people in Scotland are going to need help with their unaffordable debts. As reported previously, the demand for debt advice is set to increase in 2021 as many thousands of Scots recover from the impact of Covid-19 on their finances.
Find out more about the latest Trust Deed Scotland TV campaign which is being broadcast across Scotland and is being fronted by our latest Trust Deed Scotland ambassador, Jennifer Reoch.
The television campaign will raise awareness of both Protected Trust Deeds and the Debt Arrangement Scheme (DAS) across Scotland.
Jennifer Reoch currently co-presents the Heart Scotland Drivetime Radio show with Des Clarke but Jennifer is also known for hosting shows across BBC Scotland and STV such as The Riverside Show, Live at Five, Scots In Paradise, Edinburgh Festival and the Scottish Children’s Lottery for STV. Jennifer has also appeared on This Morning on ITV.
Having previously worked alongside Tamara Kennedy, it is important for Trust Deed Scotland to work with ambassadors who can help broadcast the availability of formal debt solutions in Scotland to as wide an audience as possible, and Jennifer Reoch fits this criterion perfectly.
Protected Trust Deeds
Who qualifies for a Trust Deed?
To qualify for a Trust Deed you must:
- Have at least one debt
- Have over £5,000 of debt
- Be resident in Scotland
- Have money left over after you’ve paid your living expenses
- Have an income
Trust Deed Advantages
- You can freeze your interest charges
- Your payments are based on what you can reasonably afford
- You can protect your assets such as your home and car
- You’ll have no direct contact with your creditors
- Once completed, your unaffordable debt will be written off and you will be debt-free
Trust Deed Disadvantages
- Your credit rating will be affected
- A Trust Deed may not be an option with certain job types
- Creditors can vote against a Trust Deed becoming ‘Protected’
Debt Arrangement Scheme
Who qualifies for a DAS?
To qualify for the Debt Arrangement Scheme you must:
- Have at least one unsecured debt.
- Have spoken to a debt advisor, such as Trust Deed Scotland®.
- Be resident in Scotland.
- Be able to repay your debt(s) after you’ve paid your living expenses.
- Not be in another form of debt repayment, such as a Trust Deed.
DAS Advantages
- Payments based on what you can afford
- Protected from legal action from creditors.
- Your home will not be affected as long as you maintain your mortgage obligations.
- Interest and charges are frozen once a Debt Arrangement Scheme is in place.
- Apply for a six-month payment holiday should you find it difficult to repay.
DAS Disadvantages
- Unlike Trust Deeds, a DAS lasts until the debt is cleared.
- Your credit rating will be affected.
- If you don’t keep up your payments the DPP could fail.
Alternative Scottish Debt Solutions
You can explore more options that may be available for you by calling Trust Deed Scotland on 0141 221 0999.
The Minimal Asset Process (MAP) route to Sequestration is an alternative solution that can benefit people with a lower income, with few assets or full administration process Sequestration are two possible alternative Scottish Debt Solutions, depending on your own individual circumstances.
If you would like to find out more, you can contact Trust Deed Scotland today for tailored debt advice, our experienced team can get an understanding of your situation and advise on the advantages and disadvantages of any solution that you may be eligible for.