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Protected Trust Deed - Papers

Protected Trust Deed

The mechanism in Edinburgh and all over Scotland that is most similar to IVA is called Protected Trust Deed.
If you are struggling with debts that are making your life a living hell, IVA or PTD if you are living in Edinburgh can become a real boon for you to change your life completely. It comes as a great relief for those living under immense pressure from their creditors to pay back the debt. You might even be facing the threat of legal action from your creditors for non-payment of the debt. The more the delay in paying back your debt, your creditors might be adding other finance charges and penalties that add on to your existing debt, making it a real spiral of debt. IVA or PTD is ...

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Trust Deed. You have to always deal with a Trustee who is licensed so that your deal has a legal validity which cannot be questioned further in court.
The criteria for eligibility for PTD in Edinburgh are almost the same as IVA and its effect is also the same as IVA. It can actually become like a life saver for you in extreme debt problems. You can pay off the agreed debt amount in the stipulated time, which is 3 years maximum, after which the debts will be written off. You have to agree not to take any further credit. After the practitioner put forward a proposal after going through all your debts, it has to be accepted by at least 75% of the creditors for it to take effect. If the 75% agree, even those that are against it also will have to abide by it. It is a contract that is legally binding between the debtor and the creditors and the creditors cannot back out from their decision once the PTD is in effect. You do not have to worry about the creditors asking for more money ...

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Protected Trust Deed. (2011, May 29). Retrieved November 19, 2024, from http://www.essayworld.com/essays/Protected-Trust-Deed/99465

"Protected Trust Deed." Essayworld.com. Essayworld.com, 29 May. 2011. Web. 19 Nov. 2024. <http://www.essayworld.com/essays/Protected-Trust-Deed/99465>

"Protected Trust Deed." Essayworld.com. May 29, 2011. Accessed November 19, 2024. http://www.essayworld.com/essays/Protected-Trust-Deed/99465.

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PAPER DETAILS

Added: 5/29/2011 10:39:39 AM
Submitted By: Piscespalio
Category: Economics
Type: Premium Paper
Words: 886
Pages: 4

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