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Trust deed - Protected trust deeds in Scotland
- Trust Deeds are available in Scotland ONLY - For other areas of the UK please see our IVA or Insolvency information.
A Trust Deed has a fixed repayment period of no more than 36 months with an exact end date to clear your debts. Once your final Trust Deed repayment is made, any outstanding debt is legally written off by your creditors through the Trust Deed.
How can a Trust Deed help me?
- Interest and Charges are STOPPED with a Trust Deed
- One affordable monthly repayment with a Trust Deed
- Letters and creditors calls STOPPED with a Trust Deed
- Prevent Bankruptcy and Court proceedings with a Trust Deed
- A Trust Deed is still possible if you have been refused a debt consolidation loan
Creditors by law have to freeze all further interest and charges. Creditors cannot renege on the Trust Deed agreement and demand increased payments during your Trust Deed.
A Trust Deed protects from court action and this is guaranteed by creditors throughout the Trust Deed process.
The Trust Deed is discreet and can be used by professionals, forces personnel and police forces to clear debt without damaging career prospects. This advice can often influence a Trust Deed. Find out if you qualify by contacting Lewis Alexander today!
What are the long term consequences of a Trust Deed?
- Your Trust Deed will be recorded on your credit file. This means that you will not be able to take further unsecured borrowing whilst your Trust Deed is in place. Again, debt advice is free regarding Trust Deeds.
- Once your Trust Deed is complete, you can borrow again. However, it may take some time for your credit rating to repair after your Trust Deed has been completed.
- During the proposal of your Trust Deed, you may be requested to release available equity from any property that you own to increase the overall Trust Deed settlement offer to your creditors.