Fix My Debts
Trust Deed
Do You Owe More Than £10,000?

Scottish Trust Deed is a goverment scheme for scottish residents to clear debt problems. It is a formal legal repayment agreement between you and your creditors i.e. people you owe money to where you agree to repay a percentage of your total debts based on what you can realistically afford over a period of 36 months.

The remainder of this debt will then be written off and you will be free from debt. It is similar to an IVA which provides for residents of England and Wales.

If you live in England or Wales Click Here For An IVA which is a similar programme.

Up to 85% of unsecured debt can be written off
Only pay what you can realistically afford
All interest charges are frozen
All correspondence from your creditors will cease
You could be debt free in 36 months

A Trust Deed provides you with an insolvency practitioner who will negotiate with your creditors on your behalf. This person will be known as the "Trustee". They will arrange a monthly payment scheme based on what you can afford.

This arrangement is over 3 years and in many cases you can write off up to 85% of your debt. Monthly payments are based on affordable disposable income, any outstanding debt is legally written off.

If you are currently struggling and have debts over £10,000 a Trust Deed could be the answer. For Professional Advice and help apply online today.

 
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CASE STUDY - Mr & Mrs Young had unsecured debts of £35,650 which consisted of 3 personal loans, 6 credit cards, 2 store cards and a large overdraft. Their combined monthly income was £2550 and they were paying £1380 per month to their creditors. Once mortgage, council tax and their monthly bills were taken into account, they were left with less than £900 to service the debt. Obviously this situation was unsustainable and they soon soon found themselves in serious financial trouble.

Thankfully, Mr & Mrs Young now have a formal arrangement with their creditors under a Trust Deed. Approval was gained to significantly reduce their monthly contractual repayments and they now pay £425 per month. After paying this amount for 36 months, the remaining debt will be legally written off through government legislation.