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Trust Deeds

A voluntary arrangement between you and your creditors. You will agree an affordable monthly contribution to repay part or all of your debt, usually over a period of 48 months.

Only available in Scotland

A Trust Deed is a voluntary arrangement between you and your Trustee for the benefit of your creditors. You will agree on an affordable monthly contribution to repay part or all of your debt, usually over a period of 48 months.

  • You may be able to write off up to 80% of your debt
  • Interest and charges are frozen
  • Consolidate your debts into one monthly affordable payment, usually over 48 months
  • Stop letters and calls from creditors

ADVANTAGES

  • Reduce your repayment to an affordable level, based on your income and expenditure.
  • This will run for a fixed term, typically 48 payments
  • A portion of your debts will be written off upon successful completion.
  • No more threatening communication from creditors.
  • If you maintain monthly payments, this can be an alternative option to bankruptcy

CONSIDERATIONS

  • A Trust Deed may be recorded on your credit file
  • You should not obtain any new lines of credit while the Trust Deed is in place
  • If there is significant equity in your property, the term of your Trust Deed may be extended
  • Your creditors could object to your trust deed becoming ‘protected’ in the first few weeks, meaning they could still take further action against you
  • If you miss payments, you’re at risk of bankruptcy

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