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One dedicated point of contact for help and guidance |
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Stop or prevent further action from your lenders |
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Write off remaining unsecured debt after (usually) 3 years |
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What is a Trust Deed?
A Trust Deed is a way out of problems with unmanageable debt, exclusively for Scottish residents. It enables you to repay as much of your unsecured debt as you can within an agreed timeframe (usually three years). On successful completion, any remaining unsecured debt will be legally written off.
Trust Deeds are widely considered a preferable alternative to bankruptcy, as they avoid some of bankruptcy's disadvantages - such as repossession. That said, bankruptcy can be a better solution for some people's needs.
Talk to us about your Trust Deed
We make arranging a Trust Deed through the Debt Advisory Centre as simple as possible. After you've discussed your situation with one of our debt advisers, your Insolvency Practitioner (IP) will set up your Trust Deed and make sure all the legal requirements are taken care of.
Our service doesn't stop there - we'll be here to answer any questions for the duration of your Trust Deed. We'll also carry out a regular review to make sure that your Trust Deed is still right for your circumstances.
Things to remember
Although a Trust Deed could make a big difference to your ability to repay your debts, there are a few things you'll need to remember. It will have an impact on your credit rating for 6 years, and if you're a homeowner you may be required to release some of the equity in your home as part of the agreement.
Remember that you will need to maintain your repayments to prevent the situation from worsening. Failing to keep up with the agreement could lead to bankruptcy.
Also keep in mind that you will still need to keep up with debts not covered by your Trust Deed (including secured debts like your mortgage).
Key Information & Fees
What fees are involved?
Depending on your situation, you may be advised to enter a specific debt solution. If you do, fees will be charged. As one of the longest-established debt solution providers in the UK we always strive to offer our customers an excellent service together with ensuring our fees remain competitive. Click here for more on our fees.
Will it affect my credit rating?
Your ability to obtain credit will be affected for 6 years.
What if I change my mind?
You are under no obligation whatsoever to enter a debt solution. If you do choose to enter a solution, and then change your mind about it, you have the right to cancel the agreement at any time within the first 14 days. You will also receive a refund of any initial fee you’ve paid us.
To find out more, call us on: 0800 074 4111
Subject to eligibility and acceptance, debt write-off applies on completion of a Trust Deed, alternative solutions may be offered.
Calls may be recorded. |
