Scottish Regimental Dirk

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New Scottish Trust Deeds Law Means Debtors Get To Keep Their Homes

Scotland, 31-JAN-2011: The Trust Deed Company Scottish Trust Deed states that, "New changes to Trust Deed law will allow debtors to exclude their home from their Trust Deeds. This will result in less homelessness and a wealthier nation."

On 15 November 2010, changes to the Bankruptcy (Scotland) Act 1985 went into effect. This act was made to expand the type of debt relief for Scottish citizens who are struggling with debt and reduces the restrictions associated with Trust Deeds.

For most debtors, Trust Deeds often allow them to pay back a portion of their debt over three years and write off the remainder of the debt. In the past, however, a debtor who wanted their Trust Deed 'protected' from creditors who were chasing them for debt repayment. The Trust Deed, as all of their assets, went to the Insolvency Practitioner to satisfy creditors, even if the assets were of little value or interest.

As families were forced from the comfort of their homes and were forced to rent accommodations to get the equity in their primary residence, debtors shied away from Trust Deeds, although this was open to them as an option in lieu of sequestration.

The Bankruptcy Act excludes a debtor's main residence from their Trust deed if secured creditors agree not to make a claim for debts under the Trust Deed.

When interviewed recently, a spokesperson for the Scottish Trust Deed, stated. "This is extremely welcome news and has been long overdue. Debtors will no longer be forced from their homes for the small gain of creditors. Homelessness can be devastating and have potentially damaging effects on people. It can severely affect an individual's employment prospects and often leads to unemployment. Future prospects can also be severe as the mental health and physical problems among family members rise and the likelihood that children will struggle at school is increased.

Unfortunately, the families involved in homelessness are not the one ones that suffer. Providing temporary accommodation to these individuals cost around 5,300 pounds a year in 2007, with the figures continually rising since that time. There is a tremendous strain put on the public purse during a time when cost efficiencies and cuts are being made."

Estimates of the benefits of the change in law have been made by the Government, that indicates there should be a reduction in the administration costs charged by Insolvency Practitioners. Fees related to consultation over what to do the property, costs of sale on the open market, and negotiating with the debtor should significantly reduce costs to the public purse.

The Scottish Trust Deed spokesperson stated, "The significance of the new changes to the Bankruptcy Act will give debtors the reassurance for payment, which will provide temporary accommodation savings. This will reduce the burden on tax payers and help Scotland to become wealthier and fairer as the economic recovery continues.

To get more information about how you can benefit from the new changes to the Bankruptcy Act visit http://www.scottishtrustdeed.co.uk today. Individuals and members of the press interested in getting more details about this press release will find contact information below.

David Baddeley

Scottish Trust Deed

Telephone: 0800 043 2027

Website: http://www.scottishtrustdeed.co.uk

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