Trust Deed Debt Help In Scotland
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Protected Trust Deeds
An alternative solution to bankruptcy.
A Trust Deed may be the right choicefor you if you live in Scotland and have:
- More than £10,000 of debt
- A stable monthly income
- Call us in confidence today
Trust Deed
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A Trust Deed allows you to gain control of your debt within a fixed period of three years. Because it is a legally binding agreement you are protected from legal action by your creditors during those three years.
You also benefit from new monthly payments that are based on what you can afford. These new affordable payments replace all of your current monthly repayments and any debts remaining at the end of three years are effectively written off by your creditors.
Do you qualify for a Trust Deed?
If you have unsecured debts of more than £10,000 and a stable monthly income then a Trust Deed is likely to be a good choice. However, it is important to talk to someone who understands all of your debt options and who will give you specialist debt advice. Call us now on 0800 083 1433.
Calls from mobiles and other networks to 0800 numbers may incur a charge. When you speak to us, ask us to call you back so that you do not have to pay for the call.
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Making A Trust Deed Work For You
Once we have talked through your situation with you and a PTD has been recommended as the best debt solution, an Insolvency Practitioner will act as your PTD trustee. He or she will submit an initial proposal to your creditors and then handle all further correspondence with them.
Your part is to co-operate with the trustee, pay the agreed monthly contributions, avoid further credit and to tell your Insolvency Practitioner if your financial circumstances change. Once your PTD is accepted and registered, your creditors will not be able to take any further legal action against you and your interest will be frozen.
It is also worth noting some of the disadvantages of a Trust Deed.
- Your trust deed will be advertised in the ‘Edinburgh Gazette’.
- You must convey all your assets to your trustee who will release any money tied up in those assets.
- You will normally be expected to raise money from the equity in any property that you own.
- A trust deed won’t prevent repossession if you fall behind on your mortgage.
How Much Would I Pay?
Because payments are based on what you can afford, they will be different for everyone. You should find that payments are significantly less than your existing minimum payments on credit cards and loans. It is important to watch out for unrealistic promises from unscrupulous firms offering PTDs.
Some companies make claims for very high percentage debt write-offs and the people you owe money to are unlikely to agree to this. An advisor who is honest with you about what you can achieve is far more likely to give you a successful outcome.
What If My Trust Deed Fails?
If you fail to keep up repayments your PTD may fail. As a result your assets may be at risk, and bankruptcy proceedings could start against you. If your circumstances change you should contact your trustee immediately.
Find The Best Way Forward
Remember, Debt Free Direct does not push particular debt solutions and you can depend on us to give you best advice for your own circumstances.
Call us now on 0800 083 1433 for an initial chat about your own financial situation.
Calls from mobiles and other networks to 0800 numbers may incur a charge. When you speak to us about Trust Deeds, ask us to call you back so that you do not have to pay for the call.