If you are struggling with debt then Trust Deeds can help. We are qualified specialists in providing free, accurate advice to turn your debt problem into a debt solution. The debt management companies we use have a numbers of years experience in dealing with people’s financial burdens.
We will find a solution that you will be able to afford. A number of the debt solution plans today are backed by the Scottish Government who monitor and regulate these which will give you piece of mind. Most people within their lifetime will experience financial difficulties, take the first step to a future without debt and complete our Trust Deed eligibility wizard.
At Trust Deeds we do not charge any up front fee. We currently work with the best Insolvency Practitioners and Debt Management Companies in the industry to ensure that you receive the best solution and deal based on your specific financial difficulties. They can set up Trust Deeds, Debt Management Plans or the Debt Arrangement Scheme for you within a matter of days or weeks depending on how quickly you require help! It’s those companies who subsidise and pay our costs, not you.
Complete our Trust Deed eligibility wizard to see if you meet the trust deed criteria. No more sleepless nights, threatening phone calls or letters through the door.
Everyone’s circumstances are different and depending on your financial situation you may have one or a number of debt solution options available to you. The majority of people tend to pick the Protected Trust Deed option.
A Trust Deed is a voluntary arrangement between you and your creditors which usually lasts 36 months and is a Scottish Government backed scheme. This period can sometimes run a little longer depending on your level of debt and ability to make a monthly payment. The maximum timescale for a Protected Trust Deed is 60 months. To qualify you must have a minimum of £8,000 of unsecured debts. When you enter into a Protected Trust Deed, all interest and charges are frozen and no legal action can be taken against you. The most appealing part about a Protected Trust Deed is the timescale and also monthly payment. In addition, you can also protect your house and car at the very outset of your Protected Trust Deed therefore you know the roof over your head is protected. You could in theory pay £150 per month for 36 months and be debt free. You would effectively write off up to 90% of your debt.
Another option that may be suitable for you is a Debt Management Plan. This is an informal arrangement between yourself and your creditors. You will be required to make a reduced monthly payment which will be split between all of your creditors. Creditors will normally agree to freeze interest and charges and stop any legal action being taken against you. The benefit of the Debt Management Plan is that you can keep your house, car, any policies, shares etc that you might have. The other option is a Debt Arrangement Scheme. This is similar to the Debt Management Plan the only difference is legally it has the power to freeze interest and charges and prevent creditors taking any legal action against you. Similar to the Protected Trust Deed, it is also backed by the Scottish Government.
Another alternative is Sequestration or more commonly known as Bankruptcy. At TrustDeed.Org this is the last solution we would suggest to you but in some cases might be the most suitable option for you. Sequestration is normally only an option when someone has failed to take proper advice early enough. Sequestration lasts for a period of 1 year however if you are in employment you will be required to make a payment for a 36 month period, similar to the Protected Trust Deed. If you aren’t working, or are on any disability benefits then Sequestration might be the best solution for you.
A Trust Deed is backed by Scottish Government legislation.
A Trust Deed is a voluntary arrangement between you and your creditors which usually lasts 36 months and is a Scottish Government backed scheme. This period can sometimes run a little longer depending on your level of debt and ability to make a monthly payment. The maximum timescale for a Protected Trust Deed is 60 months. To qualify you must have a minimum of £10,000 of unsecured debts. When you enter into a Protected Trust Deed, all interest and charges are frozen and no legal action can be taken against you. The most appealing part about a Protected Trust Deed is the timescale and also monthly payment. In addition, you can also protect your house and car at the very outset of your Protected Trust Deed therefore you know the roof over your head will be protected. You could in theory pay £150 per month for 36 months and be debt free. You would effectively write off a massive percentage of your unsecured debt.
Another option that may be suitable for you is a Debt Management Plan. This is an informal arrangement between yourself and your creditors. You will be required to make a reduced monthly payment which will be split between all of your creditors. Creditors will normally agree to freeze interest and charges and stop any legal action being taken against you. The benefit of the Debt Management Plan is that you can keep your house, car, any policies, shares etc that you might have. We also arrange everything on your behalf so all your required to do is maintain the monthly payments.
Sequestration is the Scottish term for Bankruptcy. This involves transferring all of your assets over to a Trustee in order to administer. This would be the last option but in some cases can be the most suitable option for the client.
We are an independently run organisation with a duty to find the most suitable option for you. We work with Insolvency Practitioners and Debt Management Companies in Scotland who provide the highest level of service and advice.
You can obtain more information from the following charity and Scottish Government websites: