Protected Trust Deed Case Study

At 29 years old and married, Scott lived in a house that he owned jointly with his wife.

Taking advantage of a number of credit cards and loans, he lived significantly beyond his means for a number of years, enjoying 2 holidays a year and owning 2 £14,000 cars.

He realised he had a real debt problem when he had to take out a personal loan to meet the minimum payments on all of his credit card debts. At debts totalling £30,000 and an income of £980 per month, letters and telephone calls from creditors requesting payment were sent but Scott ignored them.

The turning point was when Scott turned 30 and realised that he couldn’t sustain the situation with his creditors.

The Solution

After calling us, we recommended a Protected Trust Deed, which was accepted by his creditors. Scott paid a manageable amount of £230 per month for 3 years, as well as releasing his share of the equity in his home (£5,250) after a period of 24 months. He also sold one of his cars for £3,600 and the total repaid to his creditors was £12,530.

After the 3 years, Scott was debt-free from the debts included in his Protected Trust Deed, allowing him to look forward to his future.

Are you in a similar situation?

Please note, Protected Trust Deeds are only available to residents of Scotland.

Complete our online enquiry form, and we will arrange a time to contact you to talk through the options.

Please visit our important information page for an overview of all debt solution fees.

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