OPEN AS USUAL
5 Star Rated 
FCA Regulated 
No Setup Fees
At Trust Deed Scotland® we understand that debt can be overwhelming,
You may be finding it difficult to cope already, and Coronavirus may be causing you to worry further about how you will afford to repay your unsecured debt, don’t worry every year we help thousands of Scottish residents enjoy a debt free future.
Personal Loan
£12,000
Credit Cards
£6,000
Store Cards
£1,600
Old Council Tax
£1,200
Total Debt £20,800
Old
£636
New
£175
Debt
written off
60%
* Subject to creditor acceptance * Payment subject to individual circumstances * Credit rating may be affected
People worry that they will be chased for payments when the Trust Deed is running however, this is not the case. A protected Trust Deed uses formal legislation, meaning your creditors are legally bound not to contact you for any payments, as the payments for your debt will now come from your Trust Deed contributions.
With our industry experience, a fantastic rate of over 99% of our Trust Deed proposals are accepted. If a creditor wanted to object, it would do so in writing within five weeks of your Trust Deed being proposed. Even then, it would only fail if that creditor represented over 33% in the total debt value or over one half in number. If 67% of creditors agree with the proposal, then the other creditors will still be legally bound by its terms, even if they object. In the unlikely event your Trust Deed did fail, your trustee would negotiate your case in an attempt to have it accepted , remember other Scottish debt solutions such as the Debt Arrangement Scheme (DAS) and Sequestration can also be available.
As with all debt solutions the main impact for you will be it will affect your credit rating. Credit reference agencies will assess the level of risk based your on financial history which may include a trust deed however, once your trust deed is completed, you can start to rebuild your credit rating.
A Trust Deed will not affect your spouse unless you have joint debt.
This is a common question that people ask us, and the answer is yes – in a Trust Deed, your mortgage and car HP payments are ring-fenced so you would just continue paying them as normal – subject to approval, and completion. If your house or car were at risk you would be advised other options, your advisor will explain how we can protect your house and car. Try the Trust Deed Wizard ®
If you’re a homeowner and your home is worth more than the amount owed on your mortgage loan, you may have to release some of its value.
The gap between the value of your home and mortgage is called equity. Your advisor will discuss this with you, and if necessary, any equity arrangements will be organised before entering a trust deed.
No setup fees are involved in setting up a Trust Deed. All administration fees are included in your monthly payments:
These are charged against the money you owe creditors, so will be agreed between you and your creditors at the start.
Your monthly payments are based on your disposable income, which is calculated by deducting your living costs from your income. This can include for example; mortgage/rent, bills, childcare, transport costs, food and even lifestyle costs such as haircuts and hobbies.
Most people find that after entering a Trust Deed their monthly outgoings are significantly reduced, alleviating stress from debt.
The governing body for Trust Deeds is known as the Accountant in Bankruptcy (AiB). The AiB supervises all Trust Deeds however each Insolvency Practitioner is licensed by their own regulatory body.
Our Insolvency Practitioners are regulated by the Insolvency Practitioners Association.
Coronavirus Debt Advice Scotland – If You Are Self-Employed If you currently live in Scotland and your income has dropped because of Coronavirus, you might be able to get money from the Government. You could get 80% of your average profits up to a maximum of £2,500 per month. This scheme is called the Self-Employment … Continued
