Trust Deed

In basic terms a Trust Deed is the Scottish equivalent of an IVA but only residence of Scotland may apply for a Trust Deed

There are a couple of major differences:

The Trust Deed term id 36 months unlike 60 months with an IVA

You can write off up to 90% of your debt unlike 70% with an IVA

A Trust Deeds enables people who are struggling with overwhelming debts of over �12,000 who have a regular income, to be debt free in a set period of time by paying a set amount.

Call the debt solutions helpline on: 0845 519 6093

A Trust Deed will typically last for 36 months, you will pay an agreed monthly contribution and then when this arrangement comes to an end, all of your remaining debts are legally written off.

A Trust Deed protects you and prevents your creditors from adding further interest, charges and also from taking any further action against you.

Only a licensed individual call an Insolvency Practitioner can set up a Trust Deed. A Trust Deed could write off up to 90% of your debt.

There are a high number of companies that may charge you a setup fee AND also take an additional two months payments before you even start your Trust Deed. You will be glad to hear that we take NO fees from our clients.

Debt Solutions is 100% upfront and honest with our clients, we do not charge you any setup fees or any other additional payments, we just use our experience to recommend you the best company for your Trust Deed.

Advantages of a Protected Trust Deed

Quick to set up, typically 5 to 6 weeks.

Only pay back what you can afford.

Instantly reduce your monthly outgoings and start living again.

In almost all cases, stay in your home and keep your car.

Be debt free in typically 36 months.

Include all your eligible unsecured debt into the Protected Trust Deed.

Creditors cannot take legal action once your Trust Deed is protected.

Suitable for property owners, individuals, couples, and business owners.

Could be completed sooner if a 3rd party offers a lump sum payment.

Disadvantages of a Protected Trust Deed

You will not be allowed further credit while on a Protected Trust Deed.

After completion of the Trust Deed, it will be more difficult and more expensive to get credit for a further three years and it stays on your credit report.

If your Trust Deed fails, your creditors may request to have you sequestrated (Scottish Bankruptcy). This is unlikely, however this will always be discussed before your Trust Deed commences.

Could a Trust Deed be right for me?

The criteria for entering into a Trust Deed are straightforward:

Only individuals, residing in Scotland can enter into a Trust Deed.

You must have a debt level of �12000.00 plus

You must be able to pay at least �150.00 a month.

Only unsecured debts can be included in a Trust Deed.

What makes a Trust Deed preferable to other debt solutions?

For those with a debt level of �12000.00 plus, for whom a Debt Management Plan may not benefit or sequestration (bankruptcy) may be too disruptive, a Trust Deed offers financial freedom within a set period of time.

All interest and charges will be frozen.

Pressure from creditors will be eased, as the Trustee deals with all correspondence and queries.

A Trust Deed is usually more flexible than sequestration. It also allows the individual to hold certain public offices, which may not be the case with sequestration.

It may be possible for companies to continue trading and individuals to retain their directorships.

Trust Deeds are not published in local newspapers.

After you successfully complete the term of your Protected Trust Deed, you are free from all debt included in it.

What other points about Trust Deeds should I be aware of?

A Trust Deed will not be the ideal solution for every debtor and you should consider all implications before you enter into an agreement, our expert debt advisors will discuss all these with you. All assets and liabilities have to be declared. You may be required to release equity in your property and assets of large value will be realised.

Entering a Trust Deed will affect your credit rating. You need to stick carefully to a budget for the duration of your Trust Deed and your income and expenditure will be reviewed regularly in this time.

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.