Protected Trust Deed

A Trust Deed is the most effective way for Scottish residents to relieve themselves from debt if their unsecured debt level is higher than £10,000 and they have no equity in their home or other assets.

If you generate a regular monthly income and show the ability to make 36 monthly repayments after deducting reasonable living expenses then we can recommend you an Insolvency Practitioner (known as an I/P) who will contact your creditors to gain approval for the Trust Deed.

A period of generally 5/6 weeks will ensue prior to your Trust Deed becoming Protected. During the 36 month term of the Trust Deed should any creditor try to contact you then please refer them to your designated I/P and they will deal with them on your behalf.

The main advantage of a Trust deed is that it will freeze interest and any charges and allow you up to 90% debt write off (Including I/P fees) This Government Approved Scheme is designed to get your life back on track as soon as possible and to make sleepless nights a thing of the past. (Debtors with some equity in their property may still apply for a Trust Deed however their repayment period will generally be extended for a longer term).

At the end of your Trust Deed term you are totally free from debt,however, you will remain on credit reference files for a period of 6 years which will affect your credit rating. This does not mean you cannot obtain credit after a Trust Deed but most lenders will classify you as higher risk and therefore charge you a higher rate of interest on any borrowing.

In the event of an emergency most people do like the idea of a financial safety net after debt and there are attractive alternatives available (that we can arrange for you) through local credit unions or community cooperatives that encourage saving and lending at very low interest rates to help you avoid borrowing from traditional lenders like banks or credit cards at higher interest rates and this service is available without the standard credit check procedures.

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