Our fees explained clearlyTo ensure you have all the information to make the right decision we have put together guides on the fee structures for the services we offer.
Impartial adviceYou can get FREE impartial advice on your finances from the Government's Money Advisory Service.
Please rememberIf you choose to restructure your debt over a longer term it could affect your credit rating and cost you more.
What are Trust Deeds ?Trust Deeds.co.uk provides professional advice and solutions to people living in Scotland with debt problems and already we have successfully helped thousands of families. The services provided effectively help clients regain control of their finances and their lives.
How Trust Deeds works?A Trust Deed is a legal process available only to residents in Scotland. It provides people in debt with an alternative to bankruptcy. If you find it difficult to repay your debts, a monthly payment is established based on what you can realistically afford to pay. Your Trust Deed will generally last for a period of four years, after which any remaining unsecured debts are written off!
Who we are and how we can helpTrust-Deeds.co.uk work closely with Scotland Trust Deed experts Trust Deeds Scotland Ltd. By choosing a Scottish Trust Deed they can look at reducing your debts into one lower monthly repayment and leaving you writing off the unsecured debts that you cannot afford usually in just 48 months.
One last thing to mentionWe are aware that being heavily in debt can significantly affect your life. TrustDeeds.co.uk in partnership with Trust Deeds Scotland Ltd can help to relieve some of the burden by helping you reduce your monthly repayments. They can consolidate all your existing credit cards, loans and other unsecured debts into one often lower monthly repayment.
Limitations of a Trust Deed
Your creditors are not obliged to accept a proposal for a trust deed. Your trustee will negotiate on your behalf to agree an arrangement with all your unsecured creditors. If creditors that you owe more than one third of your total debt object to the proposal then your Trust Deed will not become protected.
The arrangement is binding on you and your creditors. If you were to default on the arrangement then your trustee (the Licensed Insolvency Practitioner) can petition for your sequestration or bankruptcy. Also, if you fail to adhere to the terms of the Trust Deed, your home and other assets may be at risk. Our staff will fully explain the implications of the Trust Deed to you to ensure that the proposal is affordable, achievable and suitable to your personal circumstances.
Only unsecured debts can be included in a Trust Deed. Secured debts cannot be included a Trust Deed and you will have to continue paying your current secured creditor(s) or arrange a new payment arrangement with them yourself.
Any existing wage arrestment orders or other diligence may continue to be effective. It is therefore important to fully disclose any actions that may already have been taken against you in order that the appropriate arrangements can be made for these to be released, if possible. At worst, the effects of these procedures need to be taken into account when framing the proposal for the trust deed.