Can a trust deed relieve the pressure on your everyday life?

The recent news that one in 60 people in UK with either face bankruptcy, an IVA or a trust deed (for those living in Scotland), has opened many people’s eyes to the problems of financial strain in the UK. More and more people are seeing pressure grow on their everyday ability to cover small bills, feed themselves and look after their family. Pressure on employment continues to grow and more and more people are approaching breaking point which can have a significant impact upon their mental health and their physical health.

Historically many people in this situation have been very reluctant to seek professional advice, often concerned about the potential implications of bankruptcy, IVAs of trust deeds in Scotland. However, many people are missing the opportunity to take control of their finances and at least relieve some of the pressure on their everyday life.

A trust deed, for example, will give the parties involved time to reorganise their assets and their income and put a plan of action in front of their creditors. Bankruptcy is a last resort for any creditor and one which will more often than not see creditors receive nothing or at best very little towards any outstanding debts. They would much rather deal with a proactive customer who was looking to take control of their finances again, reduce pressure on their everyday lives and show a willingness to at least attempt to repay what they can.

Trust deeds should not be considered as a last resort, as they can and have been for many, a godsend in relieving pressure on finances, on health and on their family.

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