Trust Deed Preferred Best Practice to be Introduced in 2012 report Trust Deed Scotland
Trust Deed Scotland can reveal that the Accountant in Bankruptcy are set to liaise with both creditors and insolvency firms in order to create new Best Practice legislation predicted to be introduced in early 2012.

GLASGOW, SCOTLAND, August 21, 2011 /24-7PressRelease/ -- Trust Deed Scotland, the Scottish based Trust Deed introducer, can reveal that the Accountant in Bankruptcy are set to liaise with both creditors and insolvency firms in order to create new 'Best Practice' legislation predicted to be introduced in early 2012.

With the rest of the UK, where the equivalent legislation is known as an IVA (Individual Voluntary Arrangement) there is already a best practice protocol and the move by the AiB is designed to reflect this.

The new guidance which is currently being drafted is designed to improve the line of communication between both creditors and IP firms and help establish transparency over Trust Deed fees and clarity over issues such as Equity, which can be confusing and distressing to those seeking help with debts.

Currently, it can take between 6-8 weeks for a Trust Deed to be setup which can sometimes cause panic and misunderstanding between individuals, IP firms and creditors and then when a person is set to be discharged from the Trust Deed, typically delays caused by creditors administration departments can slow down the process of discharging a person at the end of a Trust Deed.

Trust Deed Scotland is a leading introducer of Trust Deeds in Scotland and the Glasgow based independent debt advice firm have helped thousands of Scottish residents deal with their financial difficulties.

A spokesperson for Trust Deed Scotland advised "We are awaiting the outcome of this new best practice and we are encouraged that the new consultation shall offer Scottish residents a greater Trust Deed experience.

We hope that it brings greater transparency into an area where services tend to differ greatly between individual companies.

If an individual chooses a Trust Deed as their preferred route to clearing their debt, it should be a positive experience that helps them put their previous money problems behind them and not create worry through lack of clarity by any party involved in their Trust Deed."

If you feel that you need help with your debt, you are not alone.

Each year thousands of Scots use Scottish debt repayment tools such as Trust Deeds and Debt Arrangement Schemes.To find out more about Trust Deeds and Debt Arrangement Schemes, contact Trust Deed Scotland for a free confidential consultation.

Press Release Contact Information:

Clarles Montgomery
Trust Deed Scotland
Online Strategist
133 Finnieston Street
Glasgow, Lanarkshire
United Kingdom G3 8HB
Voice: 01412210999
Website: Visit Our Website