Trust Deed Criteria

Trust Deeds are available for residents living in Scotland only. Trust Deeds can only help people consolidate their unsecured debts, this means secured debts, such as mortgages, second charges, car finance and hire purchase will need to be paid as normal.

Trust Deeds are decided upon by your creditors, your creditors have a meeting, discuss your finances and the option of a Trust Deed and then vote FOR or AGAINST the Trust Deed.

If you creditors are happy to vote for a trust deed your trust deed payments start from that point and last 36 months. If they vote against the trust deed them you will have to look at the option of a debt management plan.

Call the debt solutions helpline on: 0845 519 6093

What are the criteria for a trust deed?

You must be a resident of Scotland

You could also qualify if Scotland has been your main country of residence at any previous time.

The minimum amount of debt required for a Trust Deed is �10,000. Each one is based on your own unique circumstances and treated individually.

You must be able to afford at least �150 towards your debts each month.

Only unsecured debts can be included in a Trust Deed, i.e. Credit Card debt, Loans, Store Card debts etc.

What is the process of putting a trust deed in place?

Step One � Debt Solutions will complete a full fact find with you, to determine exactly where your finances are and to see if a Trust Deed is the best option for your financial situation. If we have determine that a protect ted trust deed, is the best option for you, then we will get all the relevant paperwork out to you, to read, sign and return.

Step Two � Once you have returned your paperwork, we will pass that to the drafting department, to ensure all figures and paperwork is present and correct, you will have to have a telephone conversation with the drafter to ensure everything is in order.

Step Three � If all the information is present and correct and we are sure a protected trust deed is the best option for you, you details will then be passed to an Insolvency Practitioner (IP) they will then write to all of your creditors to arrange your trust deed.

Step Four � The insolvency practitioner will then wait to hear from your creditors, normally 3 to 4 weeks. Your creditors will decide if a protected trust deed is the correct option for you and in most cases they do, but if they decide it isnt then we will look at other options for you.

Step Five � Once your trust deed has been accepted by your creditors, they will holt all legal and bailiff action and stop any contact. Your creditors will also freeze and stop any charges on your accounts.

Step Six � You make your monthly payments for the term of the trust deed (normally 36 months) and at the end of the term you will be debt free and any of the debt that was not paid will be written off (normally 80%).

Can debt solutions help me get out of debt?

YES we can. Everyone’s personal situation is different and each debt solution is different so we need to work out which will best suit your financial needs.

We will complete a FREE 20 minute fact find with you to work out what your earning and spending and this will let us know how much you can afford to pay to your creditors and also which debt solution is best for you to help you get out of debt. You are under no obligation but I am sure you will be 100% happy with what out debt advisors can do for you and we have the lowest debt managenent fees in the industy

We pride ourselves in our friendly, professional approach to finding the right debt solution for every one of our clients, which is honest, confidential and always the ‘best advice’ based on your individual circumstances.

If you would like to speak to one of our friendly, professional debt experts about any of our debt solutions you can either call our debt solutions helpline on: 0845 159 6093 or complete our online contact form and one of our debt advisors will call you back within the hour.

Start you debt free life today! with one of our debt solutions.

Debt Management | Individual Voluntary Arrangement | Protected Trust Deed | Bankruptcy

Also have a look at out "DEBT FEEs" chart and see what the more popular debt management companies are charging.