Choose the solution that suits to you

Trust Deed
A Trust Deed is a legally binding debt solution for Scottish residents only, it allows you to make affordable payments across your debts for a set period (usually 4 years) and write off any remaining balance after this period. This option also provides full creditor protection with all interest and charges being frozen on approval. If your total unsecured debt is more than £6000 and you are finding it difficult to meet the contractual repayments, then this could be an ideal solution subject to full qualifying criteria.
Advantages
- A Protected Trust Deed offers you legal protection from your creditors
- Usually has a fixed term of 4 years and at the end of the term, any outstanding balances on included debts will be written off.
- The payment you make into a Protected Trust Deed is based on your income and expenditure, so should always be affordable to you
- The fees are usually incorporated into your monthly payments and vary between PTD companies
- Interest and charges in included debts will be frozen and creditors cannot legally chase for additional payments
Disadvantages
- Your credit file will be affected for 6 years and you will be restricted from obtaining credit during your Trust Deed.
- Any debts not included in your Protected Trust Deed (PTD) will remain outstanding.
- A PTD can impact on certain jobs, such as those in finance and the Civil Service, if you are unsure check your employment contract.
- Failure to keep up to date with PTD payments may result in your creditors filing for your bankruptcy, which they can do without your consent.
- Restrictions will be placed on your expenditure once entering into a PTD
- Some creditors may not approve a PTD Proposal
- Because this is a formal solution your details will be placed on a publicly accessible register
- Homeowners may need to release equity from the value of their home to pay off debts and a re-mortgage may attract higher interest rates, if no re-mortgage is available, a TD may be extended by a further 12 months.
- Because this is a formal solution your details will be placed on a publicly accessible register
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