What is a Trust Deed?
Scotland's debt solution
A Protected Trust Deed is a legally binding voluntary arrangement between you and your creditors.
A Trust Deed allows you to set up an affordable repayment plan with the creditors included in the Trust Deed over a set period of time, typically over 4 years.
During the term of the Trust Deeds your interest and charges are frozen, and your unsecured creditors are unable to take any further legal action against you or chase you for payments.
If you are a homeowner you may have to release equity from your property.
As with any formal debt solution, your credit rating will be affected for six years from the start date and your name will be added to a Public Register (the Register of Insolvencies). If you come into any money during the term of the Trust Deed e.g. an inheritance, lottery win, pay rise or bonus, you may have to pay a proportion of the funds received towards your debt.
If you own your own property, you won’t be asked to sell you house.
Whilst in the Trust Deed, your circumstances will be reviewed on an Annual basis to ensure that the repayment plan is still affordable using nationally recognised spending guidelines.
Upon the successful completion of the Trust Deed, any remaining debt and the accrued interest and charges are written off.
It is important that you keep up with your repayment pan. If your Trust Deed fails, you could be at risk of Bankruptcy.
What debts can be managed with a Trust Deed?
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Most Scottish debts can be consolidated using a Trust Deed, including:
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Council tax arrears
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Water arrears
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Gas and electric arrears
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Catalogue debts
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Payday loans
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Personal loans
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Credit card arrears
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Self Assessent arrears
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Overpayments
And much more. Arrange a call back today and let our friendly team know what you need help with.
Would I be eligible for a trust deed?
To be eligible for a trust deed you must be over the age of 18, living in Scotland. You must have over £5,000 in unsecured debt and have some disposable income after priority debts are paid. If you have applied for bankruptcy within the last 5 years, you will not be eligible.
Simplify Debt will talk to your creditors to ensure they are comfortable with the repayments and will guide you through the whole process to ensure this is the right decision for you.
Why choose a trust deed with Simplify Debt?
Trustworthy Team
We understand how tough it can be when debts get out of control. Simply Debt is here to help get your finances in order and start you on the right path to being debt-free. We have years of industry experience and a wealth of knowledge.
Easy to Apply
Please apply using a contact form on our website, or email us directly to request a call back at your convenience. We will arrange a telephone consultation on a date and time suits your schedule.
Free Advice
We offer free advice on whether a trust deed would be right for you, with no obligation required or hidden charges involved. We will guide you through the whole process or suggest an alternative solution if we feel that there is a better option.