Scottish Trust Deed FAQ's

Who can qualify for a Trust Deed?
You need to be a resident in Scotland to apply for a Scottish Trust Deed.

How long does it take to set up?
Most Trust Deeds usually take between 6-8 weeks to be drafted. They are then passed to the creditors for approval. This can take up to 2 weeks. Once the Trust Deed is setup you will no longer have to speak to your creditors anymore. You simply make the set payment to your Trust Deed Company for the set period.

How long does a Trust Deed last?
A Trust Deed will usually last 36 months (5 years). After this period any left over debt is written off by your creditors and you walk away debt free.

What are the repayments?
Each Trust Deed case is different so this all depends on your personal circumstances. Repayments are calculated by a recommended Trust Deed Company who will assess your current income and expenditure. From this they will calculate a figure you can comfortably afford. However there is a minimum repayment level which if to low can be rejected by the creditors.

Will I have to sell my house?
No, unlike bankruptcy, a Trust Deed protects the equity in your house, and you will not be required to sell it.

Do I have to pay for the Trust Deed?
No. Any administration costs incurred by the Trust Deed Company are charged directly to the creditors.

What if I am self employed?
If you are self employed you are still eligible for a Trust Deed. All the normal requirements are still needed, you just need to be able to prove your income. This would usually be 6 months worth of trading accounts from your business.

Will my credit rating be affected by a Trust Deed?
Yes, your credit rating will be affected temporarily until the Trust Deed is complete. As part of the agreement you are requested not to apply for any further credit until the 36 month period has elapsed. Once this period is over you a free to apply for credit again and you can start to rebuild your credit file.

What happens after I complete my Trust Deed?
After the 36 month period is over you are legally debt free. You will receive a certificate of completion from your Trust Deed Company and your credit file will show that you have completed the Trust Deed, this is when you credit rating will start to improve.

How do I apply for a Trust Deed?
Simply fill the form out here. Based on the information you provide our system we calculate whether you qualify and recommend the most suitable company to help you. All of the companies we recommend are licensed and registered with the Office of Fair Trading.