☑ Who are Trust Deed Scotland?
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Trust Deed Scotland® have helped over 20,000 people in Scotland.
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☑ What happens after signing the Trust Deed?
Once the Trust Deed has been signed it will be published on the ROI and within 7 days of registration, your creditors will be written to with details of your Income and Expenditure, Statement of Affairs and other statutory documents.
The Trust Deed will then be registered as protected following expiry of the 5 week period from the date of the initial publication on the ROI, provided a third in value or a majority in number of creditors do not object to the Trust Deed proposal.
☑ How long will a Trust Deed last?
A Trust Deed normally lasts 4 years but depending on your personal circumstances it may be a longer period.
☑ Can I keep my car in a Trust Deed?
You can retain a car up to the value of £3,000 and it will not be considered an asset in your Trust Deed. Even if the car has a value greater than £3,000, as long as you need your car for travel to work purposes then in most cases you will be able to keep your car.
If, at the end of your Trust Deed, your car is valued at more than £3,000 then your payment period could be extended to take account of the car’s value and/or a third party could pay the amount in full or by instalments during the Trust Deed period.
☑ What happens at the end of my Trust Deed?
When you have fulfilled all obligations in terms of your Trust Deed i.e. paid all contributions/complied with your Trustee, then you will be discharged from any debt incurred prior to signing the Trust Deed. Any remaining unsecured debt (other than those excluded) in your Trust Deed will be written off.
We will carry out the required statutory procedures to conclude your Trust Deed and you will then be formally discharged from your Trust Deed. A statutory form confirming your discharge will be sent to you.