Should you consider using a Trust Deed in Scotland?
If you live in Scotland and cannot afford to keep up payments on loans and credit cards, a Trust Deed may be the best debt solution for you.
A Scottish Trust is a voluntary but legally binding agreement between you and your creditors.
A Trust Deeds Scotland can help you write off a substantial amount of what you owe and help you get out of debt faster.
Get out of debt quickly
Compared to debt repayment plan, depending on the amount of debt you have, a Trust Deeds Scotland can be a much quicker to deal with your debts as they normally last for 48 months.
Scottish Trust Deeds must be arranged and administered by a licensed insolvency practitioner who will act as your trustee.
Trust Deeds in Scotland can set up within weeks. Setting up a Debt Management Plan or Debt Arrangement Scheme can take longer to arrange.
As your trustee acts on behalf you and your creditors, once approved, you no longer deal with your creditors.
Qualifying for a trust deed
To qualify for a Trust Deed in Scotland, you must have been living in Scotland for more than six months and you must have debt of £5,000 or more. You must be struggling to repay your debt but be able to make a monthly contribution from your earned income.
Types of Debt that can be included
Scottish Trust Deeds only deal with unsecured debts, these would include:
- Bank Loans, Overdrafts and Payday Loans
- Credit Cards, Store Cards and Catalogues
- Credit Union
- Previous Mortgage shortfall
- HMRC and Council Tax Arrears
Other Scottish Debt Help Solutions
Other potential solutions include Sequestration, Temporary repayment arrangements, Debt Management Plan, Debt Arrangement Scheme, Equity release, Re-mortgaging, Consolidation loans and Part Settlements.
Get Quality advice before you decide
Before making a final decision, you should consult an FCA regulated Debt Advisory Service who can provide or arrange advices on all solutions available within Scotland.
Choosing the right solution will probably be one of the most important decisions you will make.
Approaching a Debt Advisor or Debt Management Company that specialise in only one or two solutions may not result in you obtaining the best advice if they only consider their own products and services.
Making the wrong choice of solution can result in you having to pay hundreds if not thousands of pounds more than you need to pay.
Debt Advisory Services Scotland provide a free financial review service to help identify the best solution for you to deal with your debts.
Our review service is completely free and there is no commitment for you to action any recommendations that we make.
If you are worried about your current level of debt and If you are interested in finding out more about the available debt help in Scotland contact Debt Advisory Services Scotland today on 0141 956 4088 or on 0800 011 2322 and speak to one of our friendly and experienced debt advisors.
Debt Advisory Services Scotland is regulated by The Financial Conduct Authority No 671573 to provide debt advice to people living in Scotland.
Free advice is available from The Money Advice Service who can be contacted on 0800 138 7777.