www.iva.co.uk

Having seen the adverts on television for a couple of companys there was a line saying Not Available in Scotland is this true for all IVA,S available or is there a company which can help us with this as due to being made redundant last year for 6 months things built up and although now I am working and earning far more than I did at my previous jobs we are being hasled by constant phone calls demanding we up our repayments to reduce the back dated payments which we have actually offerd an amount we can afford we still get phoned for more and more because I am earning that bit more can we qualify for this .

Hi Michael the equivelent in scotland is called a trust deed. It differs to an iva but is along the same lines and i think you only pay for three years.

Ang

Good morning,

A Trust Deed is a legally binding voluntary arrangement, available only in Scotland, which offers debtors an alternative to bankruptcy.

It is designed to enable those who cannot repay their debts a way to establish, with the aid of a Trustee, a monthly repayment schedule based on what the debtor can afford to pay. The Trust Deed will last for a specified period, usually three years. When the specified term of the arrangement comes to an end, any remaining debts are written off.

Trust Deeds are only applicable where a debtor does not have enough disposable income (the surplus money after day-to-day living expenses) to meet his/her unsecured contracted credit repayments.

It should be borne in mind that Trust Deeds are a formal and legally binding arrangement between the debtor and a licensed Insolvency Practitioner (the Trustee) and should only be entered into accordingly.

Kind regards,


Julia Simavi

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Scottish Insolvency law is a little different from that of the rest of the UK. The "Protected" Scottish Trust Deed is the IVA equivalent. This is similar to an IVA but does differ in a number of key ways. The payments are usually over 3 years rather than 5 in an IVA. If someone has equity in their property in a Trust Deed 100% of this will need to be released during the IVA, compared to an IVA whereby someone will only have to raise the "releaseable" equity (usually c85-90% of the value of the house).

Best Regards
Oliver

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