Question 1

What are the differences between a Debt Arrangement Scheme and a Scottish Trust Deed?

Accepted Answer

Length – Trust Deeds last for 4 years. After this time, any remaining debt is paid off. With Debt Arrangement Schemes, they last until all your debt is repaid.

Amount of debt – to qualify for a Trust Deed, you must be in at least £5,000 of debt. For Debt Arrangement Schemes, there is no minimum debt level.

Question 2

What do other people say about Trust Deed Scotland?

Accepted Answer

Read reviews from our customers on Trustpilot and on our Testimonials page.

Apply for a trust deed today or for more information, call 0141 221 0999

Question 3

Are my home and car protected?

Accepted Answer

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 ®

Question 4

Will my creditors agree to a Trust Deed?

Accepted Answer

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.

Question 5

What debts can I include in a Trust Deed?

Accepted Answer

Almost all unsecured debts such as:
Unsecured Bank Loans, Payday Loans, Credit Cards, Council Tax Arrears, Store Cards, Catalogues, Overdrafts, Credit Unions, Previous Mortgage, Previous Car HP, HMRC Bills (self employed)

The main unsecured debt than can’t be included is fines, penalties and student loans.

More information on trust deeds :- protected trust deed page

Question 6

Are there any fees when setting up a Trust Deed?

Accepted Answer

No setup fees are involved in setting up a Trust Deed. All administration fees are included in your monthly payments:

1) A fixed administration fee 
2) A fee based on how much debt you pay during your trust deed term. These are charged against the money you owe creditors, so will be agreed between you and your creditors at the start.

Question 7

How are Trust Deed monthly payments calculated?

Accepted Answer

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.

Question 8

How much debt do I need to take out a Trust Deed

Accepted Answer

The minimum debt level is £5,000, this can include most unsecured debts from:
 
Credit Card Debts, Unsecured Bank Loans, Payday Loans, Council Tax Arrears, Store Cards, Catalogues, Overdrafts, Credit Unions, Previous Mortgage Shortfalls, Previous Car Hire Shortfalls, HMRC Bills (self-employed)

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How much debt do you have?

Realistically, how much can you afford to pay towards your debt each month?

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Types of debt that can be included

Credit Cards

Personal Loans

Store Cards

Overdrafts

Council Tax Arrears

Catalogues

Payday Loans

Unsecured Car Finance

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