trust deed (Scotland Residents Only)A Trust Deed is available to residents of Scotland who meet a certain criteria. Normally this is that you have more than £10,000 of debt outstanding and on paper, are struggling to meet your repayments.
Although this is a very basic outline and there is a bit more to it to then that, a Trust Deed is not suitable for everyone, our advisors will ensure that the advice they give to you is open and fair. It could be that other more suitable routes are open to you and these will be offered to you, if appropriate. What a Trust Deed is designed to do is allow an individual to make 36 payments to their debt and have the rest of the debt written off. It is suitable for people who do not have any equity in their house, or few assets.
The Trust Deed option was introduced by the Scottish Government to assist individuals that are struggling with debt and has to set up by a licensed insolvency practitioner, it is not a process that an individual can just do themselves.
It could be that there are more suitable options to you as an individual, at Debt Support Service, we appreciate everyone’s circumstances are different. To find out if you are eligible simply contact us using the easy contact form above.