Scottish Trust Deed: How It Works
We give tailored debt advice and have helped more than 30,000 people in Scotland set up Protected Trust Deeds and popular alternatives such as the Debt Arrangement Scheme.
Do I Qualify?Scottish Trust Deed: How It Works
We give tailored debt advice and have helped more than 30,000 people in Scotland set up Protected Trust Deeds and popular alternatives such as the Debt Arrangement Scheme.
Do I Qualify?It’s easy to get started with Trust Deed Scotland®.
Simply use our Trust Deed Wizard® tool to check which formal debt solutions you may be eligible to apply for.
98.6% of our proposed Trust Deeds gain protection status making us No.1 in Scotland¹
98.1% of our Trust Deed Scotland reviews rated our service as Excellent on Trustpilot²
99.8% of our proposed Debt Payment Programmes (DPPs) under the Debt Arrangement Scheme are approved by creditors³
To find out if we can write off up to 70% of your unaffordable debt⁴:
Try our Wizard tool, or give us a call in confidence on 0141 221 0999.
Our Trust Deed Wizard® tool can speed up the debt advice process, this is an easy-to-use calculator tool.
Other options available to you will include:
Our advice is to not rush into anything.
Our experienced team of debt advisers are at hand to let you know about all the available options to help you – however, only you can make the final decision on what will suit you the best.
If you want to proceed with a Trust Deed or any other debt solution, we will work with you to calculate an amount that you can afford to pay every month, and we’ll guide you through the process
In addition, as well as being affordable for you, your monthly payment amount has to be acceptable to the creditors for them to proceed.
Once you are happy to go ahead with a debt solution, we’ll start drafting your case.
Once this is done, we’ll arrange a final signing call where your debt adviser will go over all the paperwork with you and answer any questions you may have to make sure you’re 100% satisfied with the terms.
If you are happy to proceed, you’ll sign off on the Trust Deed. You’ll then arrange a suitable date for the first payment which will now be based on your affordability.
The payment (which is the same each month) replaces all other monthly debt payments to your creditors.
After you sign your Trust Deed, the next step is to get it approved by your creditors to protect it.
Our Trust Deed proposals currently have a 98.5% creditor protection rate¹.
However, to ensure your expectations are managed from the start, your debt adviser will let you know what the expected outcome shall be and whether you are likely to be accepted/rejected, based on their previous experience of cases just like yours.
Once your paperwork is processed, this will be registered on the AiB (Accountant in Bankruptcy) website, where your creditors can access it. They usually have five weeks to accept or reject it – the decision will be relayed to you by the Insolvency Practitioner (your ‘Trustee’), as creditors can’t directly contact anyone who has entered a Trust Deed.
This typical five-week period is known as the ‘protection period’.
After it lapses, with no claim from your creditors, you’ll receive your protection letter from your trustee, making you aware that your trust deed has been fully approved and that you’re now in a protected trust deed agreement.
Getting your Trust Deed approved gives you legal protection from your creditors.
As long as you stick to the terms of the Protected Trust Deed, creditors can’t take further action to pursue the debt.
Typically you make your first payment within the first four weeks before your Trust Deed becomes protected. This can be set up between you and your advisor for a time of the month that’s comfortable for you.
For example, if you’re paid a salary at the end of each month, your debt adviser could arrange your Trust Deed payments to be scheduled for just after then.
After your Trust Deed term is finished, any remaining debt will be written off, leaving you free of the debt included in your plan.
It usually takes four years, but this can be extended to allow you to make additional payments, which you will have agreed to before entering the Trust Deed. This can sometimes occur to allow you to pay off your debt using equity, which involves paying a larger amount over a longer period of time. Again, this will have been agreed with you at the start of your Trust Deed term depending on your level of debt.
If your circumstances change during your trust deed ie. redundancy or change in your income, it is important that you let you trustee know of these changes, and they will work with you to help conclude your Trust Deed.
At Trust Deed Scotland® we have been giving debt advice since 2009 and in that time, we’ve helped put thousands of people into a formal debt solution that has enabled them to enjoy a brighter future.
We give tailored debt advice on all Scottish debt solutions, not only Trust Deeds and have helped more than 30,000 people in Scotland enter into Protected Trust Deeds, or alternative solutions.
We understand that being in debt and struggling with repayments can be stressful.
Our non-judgemental debt advisers have spoken to many people throughout the years with differing reasons for how they found themselves in debt.
While no two cases are identical, we’ve got the weight of experience that most others don’t and we’re committed to giving you the best possible advice.
This page explains all you need to know about how Trust Deeds work and how to apply for a Trust Deed.
To find out more about what a trust deed is, visit our Protected Trust Deeds section on our website.
What is a DAS? – Find out more about the Debt Arrangement Scheme.
For more information on how to manage your debt, call us on 0141 221 0999 or email enquiries@https://www.trustdeedscotland.net.
You can now set up your debt solution, or simply get advice from experienced debt advisers using WhatsApp or LiveChat.
¹In 2021, we achieved a protection rate of 98.5%, this made us the best performing volume provider of Protected Trust Deeds in Scotland. Trust Deeds advertised between 01/01/21 and 31/12/21. ²Reviews collected between October 2012 and June 2022, a total number of 5,198 reviews were received, 5,089 people rated us as ‘excellent’. A further 107 people rated our service as ‘great’. ³In this sample of 1,144 Debt Payment Programmes (DPPs) under the Debt Arrangement Scheme (DAS), approved between July 2019 and October 2021, only 1 proposed DPP was rejected and unable to proceed. ⁴The expected debt write-off figure of up to 70% is based on 5,234 Protected Trust Deeds currently administered by Trust Deed Scotland® and granted between January 2017 and September 2021. The expected write-off % includes the costs of administering each Protected Trust Deed (PTD). More information relating to the costs of administration can be found by clicking here. In this sample of PTDs, the expected write-off figure reaches as high as 83%. 5% of the PTDs have an expected write-off figure between 71% and 83%. 95% of the PTDs have an expected write-off figure of up to 70%, the average (mean) being 45% when the costs of administration are included. Of the cases in this sample, 1,823 were granted since the Covid-19 pandemic took effect in 2020. The average expected debt write-off for these cases is slightly higher at 49% when the costs of administration are included.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
Free debt counselling, debt adjusting and providing of credit information services is available to customers by contacting MoneyHelper.
Find out more About Trust Deed Scotland.
✓ 30,000 Helped ✓ No.1 Rated ✓ Tailored Debt Advice ✓ No Setup Fees.
If you have any questions, Contact Trust Deed Scotland today.
First Floor, The Reel House, 7 West Regent Street, Glasgow, G2 1RW
Non-judgemental tailored debt advice
0141 221 0999
Mon-Thu: 9am-8pm
Fri: 9am-5pm