What is a Scottish Trust Deed

In Scotland, those who are in personal debt can investigate trust deeds as a way of repaying there creditors. In one of these so named protected trust deeds (also known as PTD) all debts can be wiped clean inside a period of three years. Whilst the deed is in effect you will be unable to borrow money or use existing credit and store cards.

Scottish trust deeds function in a similar way to Individual Voluntary Arrangements in that they are a less drastic method to personal debt than personal bankruptcy. In each a PTD and an IVA you should in a lot situations be capable of keeping your home and belongings and will not suffer the same limits that bankruptcy imposes on any financial choices and future financial products.

For useful suggestions on whether or not a trust deed may be the suitable option to your difficulties, Rite Financial specialist in honest and straightforward information. We provide advice on a variety of financial solutions and have expertise on providing you with the best solution to handle your debt.

UK Debt statistics for 2010
Total UK personal debt at the end of November 2010 stood at 1,454bn. The twelve-month growth rate was unchanged at 0.8%.Individuals owe more than what the whole country produces in a year.
Total lending in November 2010 rose by 0.7bn; secured lending increased by 0.8bn in the month; consumer credit lending decreased by 0.1bn(total lending in Jan 2008 grew by 8.4bn).
Total secured lending on dwellings at the end of November 2010 stood at 1,240bn.The twelve-month growth rate decreased 0.1% to 0.8%.
Total consumer credit lending to individuals at the end of November 2010 was 214bn.The annual growth rate of consumer credit was unchanged at 0.6%.
UK banks and building societies wrote off 9.9bn of loans to individuals in the last 12 months to end Q3 2010. In Q3 2010 they wrote off 1.83bn (740m of that was credit card debt).This amounts to a write-off of 20.10m a day.
Average household debt in the UK is ~ 8,495 (excluding mortgages). This figure increases to 16,336 if the average is based on the number of households who actually have some form of unsecured loan.
Average household debt in the UK is ~ 57,706 (including mortgages).
If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to 109,928 per household.
Average owed by every UK adult is ~ 29,875 (including mortgages). This is 126% of average earnings.
Average outstanding mortgage for the 11.4m households who currently have mortgages now stands at ~ 108,936.
Britain’s interest repayments on personal debt were 65.1bn in the last 12 months. The average interest paid by each household on their total debt is approximately 2,582 each year.
Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to 4,398 per average UK adult at the end of November 2010.
The Office for Budget Responsibility (OBR) predicts that household debt will be 1,823bn by end 2015 which is a growth of 159m a day. This would take the average household debt to 72,341 per household.

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