Trust Deed Scotland - Official Website - Life After Debt

What is the Trust Deed Signup Process?

Some debt websites and sales people may tell you that a Trust Deed signup process will involve one telephone call and then you will be debt free within 36 months!

At Trust Deed Scotland, we would rather be realistic than mislead you or make you feel uncomfortable and therefore it is important that we fully explain the signup process and ensure that you fully understand the signup process.

The typical length of time to setup a Trust Deed is between 4-6 weeks and the process is as follows:

Speak to a Money Advisor

This is important as not everyone is eligible, unfortunately.

For instance those with too little debt or those with too much disposable income. By using us to compare different providers, you will be put in touch with a company that suits your individual circumstances and that does not charge you a setup fee.

If you are not eligible, there are other solutions available such as a Certificate for Sequestration or Debt Arrangement Scheme.

Meet with your appointed Trust Deed Trustee

If you are eligible for a Trust Deed, the next step in the Trust Deed signup process is to meet with your appointed Trustee at a time and location arranged at your convenience.

The Trustee will confirm the information given and only when you are comfortable with the Trust Deed and feel that it is the best solution for you, will you will sign the Trust Deed paperwork. If you feel that you are being pushed into a Trust Deed or that you have not being given the answers to your questions then DO NOT sign the paperwork. Do not worry too much about this and remember that by choosing a company recommended by Trust Deed Scotland, you are choosing an ethical and experienced company and therefore there is no risk of this happening.

Your Trustee will contact your creditors.

Once you have signed the paperwork, the Trustee will contact your creditors with your repayment proposals.

This stage of the Trust Deed signup process can be the most frustrating period for those looking to clear their debt as there will still be creditor telephone calls and letters but DON’T WORRY as this is completely normal and at this point in the Trust Deed signup process you can inform your creditors of your intentions and pass your letters/calls to your Trustee to deal with.

Creditors will accept or reject your Trust Deed application

In order for your Trust Deed to become Protected, creditors that total 66% of the overall unsecured debt value must accept the Trust Deed application. Again, this is not something to worry about if you have chosen an experienced Trustee. Experienced Trustees would not suggest a Trust Deed if they know it will fail and most creditors are reasonable when they are given a sensible repayment offer.

The overall length of time between speaking a qualified money advisor and your creditors

Trust Deed Repayment.

A usual Trust Deed will typically last for 36 months. This can be extended to 48 months in some cases. Your Trustee will discuss this with you before signing.

It is important that you keep up with your Trust Deed repayments as failure to do so could lead to you being sequestrated. Sequestration is the Scottish equivalencies of Bankruptcy.

Your arrangement will normally be reviewed every 6 months but this is normal and most people's circumstances do not change in this period. If you do gain a windfall of more than £100 then this must be disclosed to your creditors. This may vary.

Trust Deed discharge

Provided that you have kept up repayment terms there are no other issues with equity release* if you own a property for example, you will now be completely debt free.

The Trust Deed discharge is the best part of the process for some people but actually it is not the best part of the process for everyone. Why?

People find themselves in serious debt for a multitude of reasons and before they apply for a Trust Deed they have usually been pressurised by creditors for some time, endured sleepless nights and felt stressed out and anxious over the situation. Therefore, when a person has been in this situation, normally for the first time in their lives just speaking to money advisor is the best stage for most!

A typical response we hear is "Seeking help with my debt problems is the best thing I have ever done" and there are thousands of people signing up to Trust Deeds in Scotland every year.

Complete the enquiry form opposite and you too could soon be able to experience the Trust Deed Signup Process. With our debt advice, we help ensure that the people of Scotland have nothing to lose but their debts.

* If you a property owner you will be required to release equity at the end of your arrangement which will be repaid to your creditors.

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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