Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
4
Users
0
Reactions
1,466
Views
Topic starter
15/10/2013 7:56 pm
If someone was considering a Trust Deed would they have to have it protected by the end of November to be part of the current regime i.e. Duration 3 years instead of 4 or is it enough to have merely started the process before end of November?
Also, from December does Sequestration become a more attractive option for many because of timescale?
15/10/2013 9:17 pm
Hi Grace.
My understanding is that you'd need to sign your trust deed before the changeover date. I'm sure someone will confirm or clarify this.
Some people might prefer three years of repayments in sequestration to a minimum of four years in a protected trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
16/10/2013 9:43 am
Trust deed Assistant is correct. As long as the Trust Deed is signed prior to 28th November 2013 they would still have the 3 year option available to them (subject to their personal circumstances).
Legislation regarding sequestrations resulting in a similar four year term is due to come into force in 2014.
16/10/2013 12:06 pm
Hi Grace
I was at the AIB meeting on Monday and they confirmed that the 4 years will apply from 28 November 2013 onwards. Anything signed prior to that date will follow the normal 3 years.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
