Scottish Trust Deeds: Who is Eligible & Possible Alternatives

In part one we looked at a brief overview of Trust Deeds, which explained what they were and when people were most likely to need them.

We briefly touched on the subject of eligibility, which we will be looking at in more detail soon. We will also be offering possible alternatives for those who fall short of the criteria.

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Can anyone apply for a Trust Deed?

You have to live in Scotland to be considered for a Trust Deed, and usually have to have lived there for at least six months. They are available to homeowners, tenants or even those who still live at home. You need to be struggling to repay your debt, your debt needs to be unsecured and often in the region of 5k or more. You also need to be able to make a monthly repayment.

How do you apply for one?

If you think that you are eligible for a Scottish Trust Deed, then the application process is pretty straight forward. You need to fill in a form with all your details and then wait to be contacted. When the company have received your application, you will be asked to meet so that they can go through all your financial details. Together, you will decide on a repayment sum that you can comfortably afford.

What happens if you’re not eligible?

There are several alternatives to consider if you aren’t able to apply for a Trust Deed. These include:

  • Debt Arrangement Scheme – This is a way to repay all your debt within an agreed time frame. The difference between this and a Trust Deed is that under a DAS, the debt must be fully repaid. Therefore, it may take a lot longer to repay the money that you owe.
  • Debt Consolidation – This is when all you debts are put into one single loan – therefore making it easier to pay it back. Usually, the repayments will be much lower – meaning you have more disposable cash to spend every month.

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If you would like help with debt in Scotland, or you would like more information on Trust Deeds, Debt Advisory Services (Scotland) Limited can help. We understand that people can easily find themselves in debt, and we have experts who are able to offer solutions to help you manage the debt appropriately. The first step is recognising that you need and that is where we come in.

For more information on the services that we offer, please don’t hesitate to contact us. Just give us a call on 0800 011 2322 and a member of our experienced team will be happy to help.

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