Protected Trust Deed

What's A Deed Of Trust?

A Deed of Trust, also known as a Declaration Of Trust is a legal agreement. Most noteworthy it specifies how a property is held between joint owners.

Debt Management Scotland

Unlike a Trust Deed there's no public register for those on a DMP. Although DMPs do not give you as much legal protection as a trust deed does.

Scottish Trust Deed

Scottish Trust Deeds can reduce multiple payments to creditors to just one single payment. Most of all it offers people protection from their debtors.

Protected Trust Deed Advice

Our debt advice team can help you understand if you qualify for this Scottish debt solution. Hence the reason we can you become debt free.

What Is A Protected Trust Deed?

Protected Trust Deed is a formal government backed arrangement, available to residents of Scotland. It’s a legally binding agreement to pay back your unsecured creditors at a rate you can afford. Monthly instalments are usually made over four years, but this can be longer. At the end of the arrangement, the remainder of your debt is written off. During the Trust Deed, any interest or fees on your debts are frozen at the date of commencement. Once a Trust Deed comes into effect, creditors should no longer contact you. And as long as you stick to your Trust Deed agreement, creditors can no longer take legal action against you.

Debt Advice Scotland

Trust Deed Scotland

A trust deed is a form of insolvency that's legally binding, and allows people to take back control with debt. Unsecured debts included in a trust deed need to outweigh the value of your assets, like a house or vehicle. Unsecured debts include things like credit card debt, personal loans and store cards etc.

Considering Trust Deed

Sometimes, there's just no way to repay a debt in full. If you can't repay your unsecured lenders what they want, then you'll need an alternative solution. With that being said getting Trust Deed advice will let you know if the solutions applicable to you. Also if you qualify for a Trust Deed, we can let you know how to apply for it.

Mortgage With Trust Deed

Unlike bankruptcy / sequestration, entering into a Trust Deed is unlikely to mean you'll lose your home. It can actually help you stay in your home. Monthly payments towards unsecured debts are designed to be affordable. After you've accounted for your mortgage / rent payment your trust deed payment is worked out.

Protected Trust Deed Scotland

A Protected Trust Deed and Sequestration are only available to residents in Scotland. Trust Deeds are designed to help pay off unsecured debts. This is done in manageable monthly amounts and is paid for typically 4 years. Whether your debts have happened through no fault of your own or self inflicted, it makes no difference to us. Free Debt Helpline offer Scotland Debt Solutions for those who are in financial hardship and we will help. There’re a number of debt management solutions that may benefit you if you have a low level of debt. Also there may be more effective solutions available in Scotland, if you’ve got over a certain debt level.

Scottish Trust Deeds Help And Advice

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Trust Deed Alternatives

Debt Management Plan (DMP)

Debt Management Plans are available across the UK although people don’t take advantage of them. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. A DMP can help get everything in order, consequently making things that little bit more manageable to help ease stress.

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Sequestration

First of all Sequestration may be an option to somebody if they realistically can’t afford to repay their debts. In Sequestration you’ll only have to make payments to your debts if you can afford to. If you can, these payments may continue for up to four years. They’ll take into account all of your essential living costs, including things like your rent, mortgage, utilities, travel and food. If you can show you can’t afford to make payments, you won’t have to.

Debt Arrangement Scheme (DAS)

If you’re a homeowner with equity (or if you own other significant assets) this scheme may be of particular interest to you. Unlike a Scottish trust deed or sequestration (bankruptcy), this type of debt plan does not require you to pay over the value of significant assets that you own. In fact, the legal protection that the scheme offers may protect assets that might otherwise be vulnerable to creditor action.

Trust Deed Scotland FAQs

Will a Trust Deed Affect My Credit Rating?

Yes, Trust Deeds will have an effect on your credit rating. Consequently details about personal insolvencies remain on credit ratings for up to six years.

How Long Does It Take To Set Up?

Most of all it usually takes approximately six weeks for a Trust Deed to be set up and for it to become protected. However, this period of time will vary according to individual circumstances.

How long does a Trust Deed last?

Usually for most people it will be four years before being discharge. Although there are circumstances where the term of a Trust Deed might be increased.

What Are The Alternatives?

It depends on your personal circumstances, but your options may include sequestration(bankruptcy), the debt arrangement scheme and debt management plans.

What Debts Can be Included?

You must include all unsecured debts. These might be credit cards, overdrafts, bank loans, payday loans, catalogue debts, and so on. Trust Deeds will not usually include secured debts, such as mortgages, secured home loans or hire purchase agreements.

What Happens If My Circumstances Change?

Firstly if your circumstances improve you might be required to increase your monthly payment. Alternatively if your circumstances worsen you may be able to reduce or suspend your monthly payment.

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