What is a Scottish Trust Deed?

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A Scottish Trust Deed is a debt solution that allows you to pay back to your debts at an affordable rate each month. The Trust Deed will allow you to pay back your debts with less hassle whilst writing off some of the debt at the same time.

Who can get a Scottish Trust Deed?

To qualify for a Trust Deed you must:

  • Have over £5,000 of debt
  • Be resident in Scotland
  • Have money left over after you’ve paid your living expenses
  • Have an income

Trust Deed Advantages

Trust Deeds have several advantages, including the ability to freeze interest charges.
Your payments are based on what you can afford.
You can protect your assets, such as your house and car.
You will not have direct contact with your creditors.
When finished, your unaffordable debt will be written off, and you will be debt-free.

Trust Deed Disadvantages

Trust Deeds carry the following risks: Your credit rating will suffer as a result.
Certain job types may prevent the use of a Trust Deed.
Creditors have the right to vote against a Trust Deed becoming ‘Protected’.

What debts can be included in Trust Deeds?

Almost all unsecured debts can be included in Trust Deeds such as:

  • Personal Loans
  • Payday Loans
  • Credit Cards
  • Council Tax Arrears
  • Store Cards
  • Catalogues
  • Overdrafts
  • Credit Unions
  • Mortgage Shortfalls (Repossessed property)
  • Car HP, PCP Finances (Vehicle already handed back)
  • HMRC Bills (Self-employed)

The main debts that can’t be included are student loans, court fines, and secured loans. Contact us today for advice on what types of debt can’t and can be included in a Trust Deed or any alternative solutions.

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How long does a Trust Deed stay on my Credit File?

A Protected Trust Deed stays on your credit file for six years from the start date, alongside earlier default notifications, and you won’t be able to get credit until you’re discharged.

When the Protected Trust Deed term expires, lenders will be hesitant to lend you money until you improve your credit score and demonstrate that you can manage your finances again.

Apply Now

Press Here to see if you qualify for a Trust Deed or Call us on 0141 739 8180

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