A Trust Deed is a debt solution available to residents in Scotland, similar to the IVA. It is a legally binding arrangement drawn up between you and your creditors in which you agree to pay your creditors what you can afford. In most cases this means paying back only a percentage of what you can afford.
It is designed to enable those who cannot afford to repay their debts a way to establish a monthly repayment schedule based on what you can actually afford. The payment is collected each month by an Insolvency Practitioner (person who manages a Trust Deed) and distributed to the creditors on your behalf.
A Trust Deed usually lasts for a period of 3 years, at the end of which any remaining debts are effectively written off leaving you with no more unsecured debt..
A Trust Deed is a serious option for addressing your debts so it should be considered carefully. IT can impact your credit rating. If you are a homeowner, you may also be required to release any equity. Read more advantages and disadvantages below.
Remember, a little bit of advice can go a long way. Contact us to see what options are available to you.
Fill in the form if you would like to find out more about a Trust Deed and if it might be a suitable option for dealing with your debts.
I tend to panic for panics sake and all those at National Debt Relief ease my mind at every turn. Nothing seems too much.
I'm 4 months into the plan and have absolutely no complaints. Thank you so much.
Thank you all for helping me out of a difficult time with my finances! Great service from a great company.
From the moment I started dealing with National Debt Relief I knew they were the right choice for me.