What is a Trust Deed in Scotland?

Posted on Monday, 13 February 2012 in Trust Deed Scotland NewsIf you're struggling to manage your debt then you may be interested to learn more about a Scottish Trust Deed - but what is a trust deed? This is a question that as a professional Insolvency Practitioner we here at Trust Deed Scotland get asked on a frequent basis, which is why we've devised this useful guide which gives a full description of what a trust deed is and how it could help alleviate the financial strain you are currently experiencing.

What is a Trust Deed?

Designed to support those with debts exceeding £10,000, a Trust Deed uses government legislation to help manage debts and construct a realistic payment schedule that usually spans across 36 months. In this time, a Protected Trust Deed prevents creditors from taking further action against you, and also stops them from increasing interest charges which many have found invaluable in the past.

The Protected Trust Deed allows you to pay a monthly sum that is pre-arranged, and is based on your monthly outgoings and income so that you can realistically afford the payments. After the 36 months, the remainder of your debt is usually legally written off - leaving you completely debt free.

Is The Trust Deed Suitable for me?

If you are swamped with debt and you are struggling to meet the payments then this may be a viable option that you may wish to consider. Some of the advantages of a trust dead include the following:

- Only takes 5 to 6 weeks to set up
- Affordable monthly repayments
- Reduces your monthly outgoings
- Typically debt free in as little as 36 months

The Trust Deed is a viable solution that could get you back on track with your finances, but if you're still left asking 'what is a trust deed?', then feel free to give us a call and speak to a member of our team in person - simply dial 0141 221 0999.

Your Employment Status --SELECT-- Employed Unemployed Self-Employed Retired Student Your Total Unsecured Debts --SELECT-- £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 £8,000 £9,000 £10,000 £11,000 £12,000 £13,000 £14,000 £15,000 £16,000 £17,000 £18,000 £19,000 £20,000 £21,000 £22,000 £23,000 £24,000 £25,000 £26,000 £27,000 £28,000 £29,000 £30,000 £31,000 £32,000 £33,000 £34,000 £35,000 £36,000 £37,000 £38,000 £39,000 £40,000 £41,000 £42,000 £43,000 £44,000 £45,000 £46,000 £47,000 £48,000 £49,000 £50,000 £51,000 £52,000 £53,000 £54,000 £55,000 Over £55,000 This includes unsecured loans, credit cards, council tax arrears, bank overdrafts etc.

Note - student loans cannot be included in a Trust Deed. Your Monthly Net Income This is your monthly take home pay including any other income

Example
Take home pay £1200
Child tax credit £200
Total net income £1400 Your Monthly Expenditure This includes all rent or mortgage payments and all other fixed outgoings that you pay each month.

Excluding your payments for your unsecured debt. Are You A Homeowner? --SELECT-- Yes No

(Homeowners) Estimated Equity None Don't Know 5000-10000 11000-20000 21000-30000 31000-40000 50000+ Equity Example:
Mortgage - 72k
House Value - 80k
Your Equity - £8000

Dont worry if you don't know your equity.
Just call us on 0141 221 0999

Your Nearest City --SELECT-- Glasgow Edinburgh Stirling Perth Dundee Aberdeen Inverness We have a network of Trust Deed providers throughout Scotland

Your location will help us recommend the best providers.

Title --SELECT-- Mr Ms Miss Mrs Other First Name Last Name Email Address Phone Number Why Do We Need Your Phone Number?

Although you will get an instant quote indication, we still need to contact you to get more detailed information regarding your financial circumstances.
All calls confidential.

Your privacy is important to us. Your Details are held in the strictest of confidence and we will only request information required to find your best solution. Your details will NOT be shared with third parties.

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