Trust Deeds in Scotland and Debt Advice
A Trust Deed allows you to tackle all of your unsecured debts at once in one easy to manage, and affordable, monthly payment. It is a debt repayment plan for people in Scotland who are struggling to cope with their outstanding debts.
It is an agreement with the companies you are in debt to which allows you to pay back what you can afford over typically 48 months after which you will become debt free.
A typical Trust Deed will last for four years, meaning you would make 48 affordable monthly payments to distribute among your creditors. After this time, any unpaid debts remaining will be written off.
Your licenced insolvency practitioner will manage and set up the Trust Deed and should only propose a Trust Deed if it is likely to achieve protected status. If your creditors are unlikely to accept a Trust Deed for protection, your Trustee should propose an alternative Scottish debt solution.
Once granted Protection the Trust Deed becomes legally binding meaning that no further action can be taken against you by Creditors - this is what's known as a Protected Trust Deed.
Nearly everyone you know has had money worries or struggled with debt at some point. Asking for help is the first step in changing your situation. So contact us today and start the conversation.
More helpful information can be found on the MAS website - the independent organisation set up by the government.
You will qualify for a Trust Deed if...
- You're a Scottish resident
- Have at least £5000 of unsecured debt
- Can meet a minimum repayment of at least £100 per month
- Are struggling to keep up with current payments.
- Have an income
Download our Guide on becoming Debt Free
Every year 13,000 people in Scotland seek advice on dealing with their debts. We created this guide to help you make positive steps towards becoming debt free.