Trust Deeds Scotland
What is a Trust Deed?
A Scottish Trust Deed is designed to help people who are struggling to meet their monthly repayments to their creditors.
If you cannot afford to keep up your repayments on loans or credit cards a Trust Deed Scotland may be a solution worth considering.
Trust Deeds in Scotland are formal agreements between debtors and their creditors where the debtor agrees to pay back as much as they can afford towards their debts over an agreed period.
A Scottish Trust Deed allows you to reduce your monthly creditor repayments and can help you to become debt free in as little as 48 months.
Trust Deeds Scotland are supported by the Scottish Government and are regulated by the Accountant in Bankruptcy. They can be recorded in the Register of Insolvencies as being protected providing they meet certain conditions.
When a Scottish 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 terms and conditions of the Trust Deed Scotland, the balance of any unsecured debts included in your trust deed can be written off after its successful completion.
Although the minimum repayment term for a Trust Deed in Scotland is 48 months, depending on your circumstances the term could be extended.