As the third instalment we will look at the benefits of a Trust Deed and whether there is anything you need to bear in mind. Knowing how long a Trust Deed lasts for, who will know about it and whether it will help alleviate the stress of creditors contacting you are key in deciding whether it is the right form of debt help in Scotland for you.
Will you have to tell your employer?
No, a Trust Deed is a confidential legal agreement. Only the individual, their Trustee and their creditors will know about it. However, before entering into any debt solution you should check your terms of employment to ensure you are not breaching your contract by taking out a Trust Deed.
Will creditors still contact you?
One of the advantages of a Trust Deed is that any dealings with creditors will be handled directly by your Trustee. If any creditors do continue to contact you after your Trust Deed is protected (meaning no further action can be taken against you by your creditors for the recovery of money you owe them) you can refer them to your Trustee to handle the matter.
How long will it take to wipe my debt?
The term of a Trust Deed can vary, but it usually lasts for 4 years. To find out how long it will take you to wipe your debt you can call one of our expert advisors on 0800 011 2322.
How much will setting up a Trust Deed cost?
Here at Debt Advisory Services (Scotland) Limited, we do not charge any upfront or administrative fees for the provision of our Trust Deed Service.
Are there any disadvantages?
Your trust deed can fail to become protected if the majority of creditors object to it. It will also affect your credit rating, mean you cannot take out additional credit for the duration of the Trust Deed and it only covers unsecured debt. For more information about any of these please contact us.
At Debt Advisory Services (Scotland) Limited we understand that it can sometimes seem like there is no way out of debt but one of our experts will be able to talk you through a range of options. You can contact one of our experienced advisors on 0800 011 2322 to find out whether a Trust Deed is the right option for you.