Trust Deeds in Scotland
What is a Trust Deed?
If you cannot afford to keep up payments on loans and credit cards, Debt Advisory Services provide Trust Deeds in Scotland that may be the best debt solution for you. As leading providers of debt advice, we can assist you with this process.
A Trust Deed is a legally binding agreement between you and your creditors where you agree to pay an affordable monthly payment over an agreed period of time (normally 4 years).
Such a Deed can only be arranged through a qualified and licensed Insolvency Practitioner; it can be recorded in the Register of Insolvencies as a Protected Trust Deed providing it meets certain conditions.
When a Trust Deed becomes protected, no further action can be taken against you by your creditors for the recovery of the money you owe them. Providing you adhere to the conditions of the Trust Deed, the balance of any unsecured debts can be written off after its successful completion.