What is a Scottish trust deed?
A Scottish Protected Trust Deed is a legally binding agreement between you and your creditors that is designed to help people who are struggling with debts. A Trust Deed normally runs for a fixed period of 48 months with you making a single payment to the Insolvency Practitioner who will manage your case and deal with all the administration and speak to your creditors without you having to, stopping unwanted and intimidating calls and letters.
How does a Protected Trust Deed Work?
If you have a debt level above £5000 and qualify for a trust deed, you will stop paying all of your existing debts and replace it with one new affordable monthly payment which is fixed throughout your time in the plan. During this time, it is illegal for the creditors to contact you and any interest and charges on your debts will be frozen. Any assets you own are also fully protected in the plan (Homes, cars, etc). After this period is up you will be fully discharged from the trust deed, and any remaining debts will be legally written off, known as debt forgiveness, leaving you debt free.
How can I apply for a Trust Deed (Scotland)
You can apply for a trust deed by filling in our contact form at the top of the page or simply giving us a call and one of our friendly and experienced advisors will be in touch to offer you the best advice possible.