Why A Trust Deed?
It’s a form of Scottish Legislation that was introduced to assist Scottish Residents.
Allows an individual to make one affordable payment towards their debt.
Will typically allow an individual to be debt free after 36 months.
It will protect an individual from further action by their creditors.
All interest and charges are guaranteed to be frozen.
There is a criteria that has to be met in order to qualify for a Trust Deed, additionally a Trust Deed has to be set up by a licensed insolvency practitioner, it is not something an individual can do or set up. Once you have spoken to one of our advisors they will be able to advise you whether or not a Trust Deed is something that is suitable for you.
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.
You will be allocated your own advisor for the length of time it takes to get a Trust Deed set up (approx 6-8 weeks typically) so that if you have any questions or concerns you can ring the advisor direct. At Debt Support Service, 99% of all calls made to us in working hours are answered the first time, or if you leave a message for your advisor it will be returned within an hour.
Most clients comment that a Trust Deed does give them ‘light at the end of the tunnel’. As long as the individual maintains those 36 payments, they are guaranteed to be debt free. There are downsides to a Trust Deed, and these will be clarified with each client. A basic overview of the downsides are that the individuals credit will be affected for six years, as with the criteria, there is more to a Trust Deed than can be put in text here.