A Trust Deed is one of the key debt management solutions available for people living in Scotland.
It is a legally binding agreement between you and your creditors in which you agree to repay part of what you owe. This repayment is normally in the form of regular monthly payments from your income which normally last for a period of four years.
However if you are a home owner, a TD can also involve the release of equity from your property.
A Trust Deed is only available in Scotland
Trust Deeds (TD) are only available for people who are currently resident in Scotland. However, they cover all personal unsecured debt whether the creditors are based in Scotland or England and Wales.
Do you want help to start a Trust Deed? Give us a call on 0800 077 6180 or complete the form below to speak to one of our experts
Protection from creditor action
Once a TD has been accepted by your creditors, and as long as you stick to its terms, your creditors cannot take any further action against you to recover their debts. For example creditors can no longer take court action resulting in an attachment of earnings, charging order against your property, warrant sale of household goods or a petition for your bankruptcy.
Debt written off
Your TD will require you to make payments from your income for a period of up to 3 years. After this and any agreed assets have been surrendered, all outstanding debt will be written off by your creditors and you will be left to continue with your life debt free.
The payment period of a TD can be extended if you have equity in your home which you are unable to realise because you are unable to remortgage.
Arrange a call with a Trust Deed Expert
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