Lower monthly repayments, deal with your creditors and be discharged from most of your debts in 48 months or more with a Protected Trust Deed in Scotland…
What is a Trust Deed?
A Trust Deed is a formal agreement between you and your creditors to pay back what you can afford towards your debts. Once Protected it is an extremely powerful legal tool to help you back on the road to financial stability. A Trust Deed is designed for people who have taken out too much debt and are struggling to meet their monthly repayments. The minimum repayment period for a Trust Deed is 48 months* (4 years) unless an alternative arrangement is agreed. You will be required to pay a set amount per month for the 48 month (or longer) period. At the end of term, provided that you have met your obligations and the Trust Deed is not extended, you will be discharged from any obligations and outstanding unsecured debts included in your trust deed.
What about further interest and charges?
Once you have entered into a Trust Deed all creditors are bound by the arrangement and must not apply further interest and charges. As long as the Trust Deed becomes Protected, no legal action will be taken against you by your creditors.
Do I qualify for a Trust Deed?
To be able to a sign a Trust Deed you must meet the following criteria:
1. You currently live in or have lived in Scotland within the last 12 months, or have a place of business in Scotland
2. You have debts of £5,000 or more
3. You are able to pay a monthly contribution from income and/or have realisable assets that will enable a minimum return to creditors of 10p in the £.
4. You are insolvent (you are unable to pay your debts as they fall due and/or your liabilities are greater than your assets)
You can use our Free Calculator to see if you qualify.
How much does it cost to setup?
Our initial advice is free and there is no cost to you if you decide against signing a Trust Deed after having met with one of our advisers. Should you choose to sign a Trust Deed then there will be a charge for our services. Your adviser will explain this fully and further information can be found by clicking here.
How do I set up a Trust Deed?
1. Simply fill out the form here or give us a call on 0800 043 2027 and one of our experienced advisors will call you back at a time requested by you.
2. If you decide to proceed then an adviser will arrange a face-to-face meeting at your home, another convenient place or at our office in Glasgow, should this be convenient. Alternatively, a further telephone meeting will be arranged should a face to face meeting not be possible, for whatever reason.
3. At the meeting an adviser will assess your financial position and advise you of the options available to you.
4. If you are suitable for a Trust Deed and choose to go ahead with it, you will be asked to sign the relevant documents after being given time to fully consider your decision. This will involve more than one meeting.
*The minimum period for a Scottish Trust Deed is 48 months, although depending on your circunstances the payment period could be longer.
Calls charged at local rates. Edinburgh and Aberdeen dialling codes are for your convenience, your query will be redirected to our Glasgow Office. Subject to eligibility and acceptance. Fees are Payable. Debt write off only applies to unsecured debts and only on completion of a Trust Deed. Alternative solutions may be offered. If your Trust Deed fails it may lead to Bankruptcy. Your ability to borrow further credit will be affected for 6 years. Homeowners may have to release the equity in their property.