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Trust Deed News
General Election Party Manifestos and Personal Debt 23rd April 2015
Fewest Protected Trust Deeds Since 2001 22nd April 2015
Searching the Register of Insolvencies 14th April 2015
Are the April 2015 Pension Changes a New Way to Tackle Debts? 30th March 2015
Changes to the Bankruptcy Process in Scotland 23rd March 2015
Financial Inclusion Commission Calls for DAS Expansion 16th March 2015
An End to the Cold Calling Menace? 2nd March 2015
Personal Details Revealed in Search Engine Results 23rd February 2015
Rent-to-own shops attract negative publicity 17th February 2015
A New Mis-Selling Scandal and Compensation Scheme 3rd February 2015
A Sharp Decline in Scottish Debt Problems 3rd February 2015
Changes To Creditor Bankruptcy Petitions Elsewhere In The UK 19th January 2015
Launch of Scotland’s Financial Health Service 13th January 2015

   

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Expert Advice and Assistance

Residents of Scotland who are struggling to repay their debts may have the option of entering into a Trust Deed with their creditors. This formal debt measure (often called a Scottish or Protected Trust Deed) is an agreement between yourself and those you owe money and is an alternative to bankruptcy.

How can Protected Trust Deeds help you?

By signing up to this form of agreement you agree to pay an amount each month for a defined period (usually four years). Once completed, your included unsecured creditors must write-off any outstanding balances and these debts will be considered as settled.

People choose this method of debt resolution to take control over mounting debts and to work towards clearing them for good. Monthly payments to creditors are agreed by you once your finances have been reviewed to see what you can realistically afford. Once the terms have been agreed by creditors, you will be legally protected from them and (with a small number of exceptions) interest on the debts will be frozen. When Scottish trust deeds have run their course, creditors can no longer pursue you with measures such as legal action, allowing you to move on with your life.

Is a Scottish Trust Deed right for you?

There are risks associated with entering into a Trust Deed Scotland. These can include releasing equity from your home to help pay off debts, and incurring a poor credit rating for a number of years after the term has ended. For reasons such as these, it is important that you seek relevant advice before entering into any formal agreement.

Many of the companies claiming to offer “impartial advice” are doing anything but that. You need to be aware of all the potential financial implications and ensure you seek advice from people who have experience in this area. That’s why this website exists - to bring financial experts and people in debt together so they can talk openly about debt resolution methods and to build a resource to help future debtors. Our Trust Deed Scotland Forum also allows those struggling with their debts to ask our resident experts questions.   

Our forum provides up-to-date, expert advice

On this website you will find our well-established forum. If you have a question regarding any debt measure or solution, then please join our Scottish Trust Deed Forum and speak directly with debt experts. A number of experienced industry insiders take part in daily discussions, offering expert advice to participants. What better method of finding out everything you need to know regarding debt than from our qualified and experienced professionals? You can also call our advice line on 0800 043 7201 or 0141 249 0416 and also can get in touch using one of the contact forms on the site.

Trust Deed Scotland Key Facts

If you proceed with this form of debt resolution, certain debt arrangement schemes, sequestration or certain debt management plans, then fees will apply. For further details about these fees (and the work that is conducted) click here. Your ability to obtain further credit will be affected by most debt solutions; for further details click here. Other sources of debt advice exist; click here for further details. You may wish to read the “ Debtor’s Guide” (published by the Accountant in Bankruptcy) which contains impartial information about debt. You may also wish to read the Money Advice Service’s guide to free debt help here. Calls to our 0800 telephone number from mobile phones and some networks may be charged (we will call you back if you ask us to). Warning: If your Trust Deed Scotland fails you will remain liable for the balance of your debt and the insolvency practitioner fees and costs incurred (if they chose to seek payment from you). In certain circumstances failure of the plan might result in your sequestration or refusal to discharge you from your trust deed.

PJG Recovery Wylie & Bisset Grant Thornton
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