So it looks like your prayers have been answered. After all your researching it looks like the best and most simple debt management system to get you out of debt is a Scottish Protected Trust Deed. Pay off a set amount each month and in 36 months the remainder will be written off and you will be debt free. There's just one problem - What about your employment? How is it going to be affected by a Scottish Protected Trust Deed? Don't worry, its not as bad as you think. Read the most frequently asked questions below relating to employment matters and Scottish Protected Trust Deeds;
What if I am unemployed? Can I still get a Scottish Protected Trust Deed?
No. You need to have around 150-200 of disposable income - that is money left over once you pay off all of your living expenses - to begin making payments a job is usually the only way. Creditors cannot be paid using money you receive from benefits.
I'm applying for jobs - can Scottish Protected Trust Deeds affect my ability to get one?
It could only be a problem if you are applying for a job that has a strict financial vetting procedure, such as the Police, the Fire Service or the Prison Service. You may not be considered suitable in light of having such an agreement in place, particularly for the Police, which is known to be very strict about vetting. It is often frowned upon councils if you are a self employed council service contractors and you may be required to undertake financial vetting during a tendering process. However the council usually highlight this in their tendering brief documents so you will be aware in advance.
Why do these sectors frown upon Scottish Protected Trust Deeds?
It all comes down to trust and responsibility as you could be considered to be in a privileged position regarding access to money and information. If you are managing large amounts of money they don't want to think you could be vulnerable to corruption or blackmail. Although you have a specific arrangement in place with your creditors by being in a debt solution shows that you may at some point been on the verge of bankruptcy and vulnerable to outside influences. Some other sectors which have stringent policies would be solicitors, accountants or any professional bodies representing them.
What will my employer think if I enter into a Scottish Protected Trust Deed, should I tell them?
You do not have to tell your employer if you are considering a Scottish Protected Trust Deed, the only way they could find out is if you worked for one of your creditors or they spotted to notice in the Edinburgh Gazette (which is a legal requirement), but this is highly unlikely as thousands of notices advertised and your employer would have to read through with a fine tooth comb to find your name. Always keep in mind it is best not to discuss any new financial arrangements with your work colleagues or co-workers, just in case they mention it to your boss either in passing or on purpose.
If Scottish Protected Trust Deeds are really your only option and you are a member of the Police, Fire Service, Prison Service or a professional dealing with money, check your employment contract to see if there is a 'restrictive covenant' - that is a clause that stipulates you must not enter into such arrangements with your creditors. If there is, speak to your employer's Professional Standards and/or Welfare team before going ahead.
Would my employers fire me if they find out I have a Scottish Protected Trust Deed?
In the majority of companies, Scottish Protected Trust Deeds would not impact on your ability to do your job so it is very unlikely you would be fired if your employers found out. If you are in a position of trust or have a responsibility for handling money, it would be wise to confidentially talk to someone at your work and get advice on the most appropriate options. Debt affects everyone irrespective of job so it is likely your employer has dealt with the situation before.
What if I am unemployed? Can I still get a Scottish Protected Trust Deed?
No. You need to have around 150-200 of disposable income - that is money left over once you pay off all of your living expenses - to begin making payments a job is usually the only way. Creditors cannot be paid using money you receive from benefits.
I'm applying for jobs - can Scottish Protected Trust Deeds affect my ability to get one?
It could only be a problem if you are applying for a job that has a strict financial vetting procedure, such as the Police, the Fire Service or the Prison Service. You may not be considered suitable in light of having such an agreement in place, particularly for the Police, which is known to be very strict about vetting. It is often frowned upon councils if you are a self employed council service contractors and you may be required to undertake financial vetting during a tendering process. However the council usually highlight this in their tendering brief documents so you will be aware in advance.
Why do these sectors frown upon Scottish Protected Trust Deeds?
It all comes down to trust and responsibility as you could be considered to be in a privileged position regarding access to money and information. If you are managing large amounts of money they don't want to think you could be vulnerable to corruption or blackmail. Although you have a specific arrangement in place with your creditors by being in a debt solution shows that you may at some point been on the verge of bankruptcy and vulnerable to outside influences. Some other sectors which have stringent policies would be solicitors, accountants or any professional bodies representing them.
What will my employer think if I enter into a Scottish Protected Trust Deed, should I tell them?
You do not have to tell your employer if you are considering a Scottish Protected Trust Deed, the only way they could find out is if you worked for one of your creditors or they spotted to notice in the Edinburgh Gazette (which is a legal requirement), but this is highly unlikely as thousands of notices advertised and your employer would have to read through with a fine tooth comb to find your name. Always keep in mind it is best not to discuss any new financial arrangements with your work colleagues or co-workers, just in case they mention it to your boss either in passing or on purpose.
If Scottish Protected Trust Deeds are really your only option and you are a member of the Police, Fire Service, Prison Service or a professional dealing with money, check your employment contract to see if there is a 'restrictive covenant' - that is a clause that stipulates you must not enter into such arrangements with your creditors. If there is, speak to your employer's Professional Standards and/or Welfare team before going ahead.
Would my employers fire me if they find out I have a Scottish Protected Trust Deed?
In the majority of companies, Scottish Protected Trust Deeds would not impact on your ability to do your job so it is very unlikely you would be fired if your employers found out. If you are in a position of trust or have a responsibility for handling money, it would be wise to confidentially talk to someone at your work and get advice on the most appropriate options. Debt affects everyone irrespective of job so it is likely your employer has dealt with the situation before.
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Seek advice on Trust Deeds before going ahead to make sure your employment will not be affected as it may cause problems in the future.
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