| Debts are cleared in three years
You only pay what you can reasonably afford
Overall debt is substantially reduced
You are protected from legal action by your creditors
By law your creditors are not allowed to contact you
By law your interest payments are stopped
No need to go bankrupt
You keep your house and car
You will be legally free from debt on completion of the Trust Deed
A Trust Deed is available to Scottish Residents only under Scottish law. It takes into account what you can afford to pay so you will not be paying more than you can afford.
A Trust Deed is a proposal presented to your creditors setting out how you are going to repay your debts. The proposal will be created for you by an Insolvency Specialist. The proposal also has to be supported by an Insolvency Practitioner (someone licensed under The Bankruptcy (Scotland) Act 1985) who nominates you to the creditors supporting your application for this solution.
A Trust Deed is usually repaid over a period of only 3 years and once agreed by your creditors, they will not be able to take any further action against you as long as you maintain your agreed monthly payments. You will not have any contact with your creditors and should you have any problems or concerns then the Insolvency Practitioner will be there to talk to your creditors on your behalf and to support you throughout the term of the Trust Deed.
Once you have made the final payment any remaining debt will be written off as detailed in the proposal.
Scottish Trust Deeds are not guaranteed to be accepted as 50% of the creditors need to agree to the terms of the proposal and not everyone is eligible.
To find out if you are eligible or to discuss the Trust Deed process further call us for free advice on 0800 000000 or 0161 000000 to speak to one of our experienced advisors.
Alternatively, if you would prefer for us to call you back then simply complete the quick Free Advice Form and one of our friendly staff will call you back. |
