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Trust Deed: What's the deal?
Providing Debt Help in Scotland
- Monthy payments based on what you can afford
- Debt resolved in 3 Years
- Remaining debt is written off at the end
- No more creditor harassment
- Alternative to going bankrupt
What is a Trust Deed?
A trust deed is a legally binding contract between you, your creditors and a licensed insolvency practitioner. The trust deed, once set up, provides a mechanism whereby debt is repayed over a specified period. Monthly payments are based on what you can afford. If you stick to the agreement, all remaining debt is written off at the end of the 3 year period.
Is this right for me?
If you can no longer afford your monthly repayments, then it is something to consider. Apart from the obvious benefits, there are disadvantages associated with trust deeds.
Trust Deed : Points of concern
- You wont be be able to use credit cards
- Home may be at risk, depends on the agreement
- You may be restricted in applying for loans
- It will effect your credit rating
If you're seeking debt advice, talk to a licensed insolvency practitioner now.
Or have a read of our trust deed FAQ.
Scottish Debt Direct provides other debt solutions apart from trust deeds. Speak to our advisers to find out which debt solution best fits your financial circumstances.
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