A Trust Deed is a formal arrangement for people resident in Scotland to restructure and clear personal unsecured debts. In a Trust Deed your debts are restructured to be paid back at an affordable rate over a fixed period of time. Trust Deeds usually only last for a period of 48 months at the end of which any remaining unpaid debt will be written off by your creditors.
Typically the arrangement consolidates your debts into a single monthly payment – usually a minimum of £100 per month - which is then distributed to your creditors on a pro rata basis. The amount you pay will be calculated according to what you can reasonably afford to pay after your normal costs of living have been deducted.
As a solution to problems with unsecured debts Scottish Trust Deeds offer a number of benefits –
A Trust Deed can only be set up and supervised by an Insolvency Practitioner licensed to act in Scotland. The Insolvency Practitioner will gather all relevant information about your expenditures and the money you owe. They will then draft a proposal for your creditors to approve. Under Scottish law a Trust Deed will automatically become protected unless a majority of your creditors object to the proposal in writing within five weeks.
To find out if a Scottish Trust Deed is right for you call our helpline today on 0800 043 50 43 or complete our enquiry form. Our debt advisors are on hand to help you find the best solution to your debt problems. If a Trust Deed is your best option then as Licensed Insolvency Practitioners we can arrange and manage your agreement..
Answer a few simple questions and we'll help you find your solution.
Total unsecured debt : £4000