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What is a Trust Deed?

Scottish Protected Trust Deed

If you have £5000 of unsecured debt or more and live in Scotland, you could enjoy the benefits of a Scottish Protected Trust Deed:

✔ Be debt free in just 48 months!
✔ Write off up to 75% of your unsecured debts!
✔ Stop creditors contacting you altogether!
✔ Stop any legal action from your creditors!
✔ Stop any pending or current attachment of earnings (wage arrestments)!
✔ Protect your home and car!
✔ Freeze all interest and charges! As the plan is legally binding you will have peace of mind of when you will be debt free! We do not charge setup or monthly management fees!

A Scottish Protected Trust Deed can include all unsecured debts such as:

✔ COUNCIL TAX ARREARS
✔ DEBTS WITH HMRC
✔ DEBTS WITH DWP
✔ RENT ARREARS
✔ DEBTS FROM YOUR LOCAL COUNCIL
✔ PERSONAL LOANS
✔ PAYDAY LOANS
✔ CREDIT CARDS
✔ STORE CARDS
✔ PARKING FINES
✔ HIRE PURCHASE SHORTFALLS
✔ MORTGAGE SHORTFALLS
✔ OVERDRAFTS
✔ CHILD MAINTENANCE ARREARS
✔ CATALOGUES
✔ MOBILE PHONE CONTRACTS
✔ UTILITY BILLS
✔ LAWYER OR LEGAL FEES

Get in touch today by filling out our contact form and an advisor will be in touch to ensure you get the right help you need to be debt free!

Do you qualify for a Scottish Trust Deed?

Submit your details below and one of our experienced advisors will call you shortly.

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3 STEPS TO BECOME DEBT FREE

  • Step 1

  • Fill in our contact form & one of our advisors will be in touch to let you know what your options are

  • Step 2

  • If you do qualify one of our advisors will arrange a free face to face appointment at your home to explain the solution & allow you to ask the questions you need answered

  • Step 3

  • Our team will put all the arrangements in place to make sure your case goes through smoothly

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A Real Solution

Constantly feeling stressed due to constant phone calls, letters, texts & visits from debt collectors? Struggling to find a way to pay all your debt repayments each month? Never see your debt coming down? Feeling like you are going to lose your home & car? ​

A Scottish Protected Trust Deed could be the solutions to stop the stress of debts & to find light at the end of the tunnel to get debt free!

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Only available in Scotland!

A Scottish Protected Trust Deed is a legally binding agreement between a Scottish resident and their creditors that will generallly last for 48 months. The Scottish Protected Trust Deed is designed for an individual to pay back what they can afford over a four year period towards their debt and the rest of the debt is legally written off as unaffordable. A Scottish Protected Trust Deed is a form of insolvency and is put in place by a licensed insolvency practitioner who will administer the plan from start to finish to ensure the correct regulations of insolvency are praticed and to ensure the individual follows the terms and conditions of the plan.

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Affordable Payments

Before the Scottish Protected Trust Deed is put in place an income and expenditure will be completed by the insolvency practice to find out what surplus income is available for the creditors each month in the plan for the insolvency pratice to take. All of the individuals expenses are taken into consideration to ensure that individual can afford to make those payments each month. Once the plan becomes a Scottish Protected Trust Deed the individual will receive a review at least once a year to check if there are any changes in the income and expenditure. For example that individual may have more income due to extra hours at work, but may also need extra expenses to cover those shifts. If you would like to find out what your monthly repayments to the Scottish Protected Trust Deed would be get in touch today.

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Trust Deeds - How They Work

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Unsecured Debts

​A Scottish Protected Trust Deed is a legally binding arrangement and covers unsecured debts only, such as – credit cards, personal loans, car loans, overdrafts, rent arrears, mobile phone contracts, catalogues, council tax arrears, income tax arrears, overpayments from HMRC & DWP. It does not therefore apply to your mortgage or any hire purchase agreements. A Scottish Protected Trust Deed must also be set up by a licensed insolvency practitioner, who becomes the trustee and deals with the creditors on your behalf. ​

It is important to choose an insolvency practitioner that you can trust as you will have to give details of your assets and income, as well as your debts and creditors, to create a clear picture of your finances.

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Stay in your home

The Scottish Protected Trust Deed will take into account the equity in your home – the value after any mortgage – but you this will be checked prior to signing any agreement to ensure you do not have to sell the property. You can also keep a car as long as it isn’t extremely valuable.

The insolvency practitioner will then work out how much you can afford to pay each month and present the proposal to the creditors. As long as at least 75% of your creditors agree, the Scottish Protected Trust Deed can be set up.

The insolvency practitioner will charge a fee (in line with industry agreements) and that will be deducted from the creditors pot.

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Protected Trust Deed

The Scottish Protected Trust Deed can take up to five weeks after signing to become ‘protected’, which means the creditors cannot chase you for the money or add any interest or charges to your existing debts. They are also unable to take court action as long as you keep up with the payments.

However, if you fail to stick to your side of the bargain, your assets could be at risk and your creditors could start sequestration (bankruptcy) proceedings against you. To prevent this maintain contact with your insolvency practitioner to ensure no further action is taken and explain your circumstances should they change. ​

How much debt do I need? A Scottish Protected Trust Deed can be put in place if you have a minimum of £5,000 unsecured debt or more.

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Advantages of Trust Deeds

​There are a number of advantages to a Scottish Protected Trust Deed. First, you don’t have to deal with your creditors and they will no longer be able to contact you to try to recover their money. The debt also becomes more manageable as you make only one monthly payment, which is affordable and frozen. ​

In addition, you know that you will be discharged from the debt after four years, so it will not weigh you down indefinitely.

However, a Scottish Protected Trust Deed can have some downfalls. It will, for example, remain on your credit file for six years & during the agreement you are not allowed to obtain further major credit.

It will also be recorded on the Register of Insolvencies to make the creditors aware of your situation.

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A Trust Deed can help you find a solution to your debt
call one of our trained advisors in confidence
call now on 0141 846 0113

Scottish Trust Deed Info ©2018