Freeze interest and charges, stop hassle from your creditors and be debt free in 36 months with a 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. They are an extremely powerful and 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 usually repayment period for a Trust Deed is 36 months (3 years). You will be required to pay a set amount per month for the 36 month period, after that your creditors are legally obliged to write off any remaining debts.
Are interest and charges frozen?
Yes. Once you have entered into a Trust Deed all interest and charges are frozen and no legal action will be taken against you.
How much does it cost to setup?
Nothing. Trust Deeds are designed to get you out of debt, not to increase it!
The amount you and your Trustee agree you can afford to repay each month (plus any equity, if applicable) is the only amount you'll ever be asked to pay. Your creditors are effectively agreeing to receive less back so that your Trust Deed Company can take their Trust Deed fees for managing the arrangement.
There are a couple of exceptions to this general rule that you should be aware of before committing to a Trust Deed. If your home increases in value or if you are the beneficiary of an unexpected lump-sum payment that enables you to satisfy your debts in full, you may be liable to pay an additional amount to cover your Trustee's fees.
How long does it take to set up?
Unlike an IVA, most Trust Deeds only usually take between 2-4 weeks to be drafted. They are then passed to your creditors for approval which can take up to 2 weeks. Once the Trust Deed is setup your creditors are LEGALLY NOT ALLOWED to contact you by any means and you will no longer have to deal with them anymore. You simply make the arranged payment to your Trust Deed Company for the set period (usually 36 months), once this has expired any remaining debts are written off and you walk away debt free.
How do I apply?
Simply fill out the form here or give us a call on 0800 043 2027 and speak to one our experienced advisors for a no obligation quote. They will talk you through the process and help you calculate a monthly repayment figure that you can afford. The relevant documents will then be sent out to you to check over. Once we recieve the paperwork from you we can then start to process your case.
Do you do home visits?
Yes. We realise some people would prefer a face to face meeting and we are more than happy to visit you at your home if requested. Or you can visit us at our office; 58 Elliot Street, Glasgow G3 8DZ. Click here for map.
*The typical period for a Scottish Trust Deed is 36months, although depending on affordability could be taken over a 48month period.
Calls charged at local rates. Edinburgh and Aberdeen dialling codes are for your convenience, your query will be redirected to our Glasgow Office.