The Trust Deed Wizard is a calculator created by Trust Deed Scotland to provide you with an instant indication of whether you may qualify. Trust Deeds are administered by a licensed Insolvency practitioner (trustee).
When a Protected Trust Deed is successfully completed, your unsecured eligible debts will be written off. (If you're a homeowner, you may have to free up some of the equity by extending the term).
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What is a Trust Deed?
A Government-approved scheme to allow individuals struggling with debt in Scotland to reduce the amount they owe. After the agreed repayment period has been completed, any leftover unsecured debts are written off and creditors are legally bound by its terms.
Do we charge setup fees?
We do not charge you any upfront fees for our service. We provide ethical debt advice and do not charge 'assessment fees' for our service as it would be contrary to our core values. Likewise debt advice from ourselves is free of obligation. Find out more about Trust Deed Scotland and how we can help you by calling us now on 0141 221 0999.
How long does it last?
We will ensure that we proceed as quickly as you request. Once signed your Trustee will make the necessary arrangements to have your Trust Deed advertised in the Edinburgh Gazette as quickly as possible.
Assuming no or insufficient objections, your trustee will apply for your Trust Deed to be protected five weeks after the Edinburgh Gazette date. This involves applying to have your Trust Deed registered on the Register of Insolvency.
How many people use this service to clear their debts?
Every year in Scotland, thousands of people use Trust Deeds to clear their debts and in the financial year of 2011-12, the actual number of Scottish people who used this service to clear their debt was 9,194. Alternatives such as DAS are growing in popularity too.
Will this really write off my debt?
Yes, this can write off up to 90% of your unsecured debt (excluding IP Fees, which can range from £2,500 - £4,500 excluding outlays. Click here for more info). The actual amount of your unsecured debt that will be written off will depend on your personal circumstances and the offer of repayment that you agree to make to your creditors.
Will it freeze interest and charges?
Yes, once protected your creditors legally cannot pursue you for further interest and charges and provided that you complete the repayment of your agreement, you will never need to deal with your creditors ever again, as your trustee (IP) will deal with this for you. Any correspondence that you receive from your lenders if at all, will need to be forwarded onto your Trustee but that is all.
Will I lose my home?
Any equity in your property may have to be realised for the benefit of your creditors, however your trustee will only advise on a Protected Trust Deed if this is the most appropriate solution for you to deal with your debts. As part of this process he will outline how any equity will be dealt with.
It is also essential that you keep up your normal monthly mortgage and secured loan repayments (an allowance will be given for this in your normal monthly expenditure).
Is it similar to an IVA?
This is the equivalent of an Individual Voluntary Arrangement in Scotland. There are some differences such as the minimum debt level threshold and duration. A Trust Deed will usually last for 36 months, whereas an IVA would last for 60 months. If you have resided in Scotland for the last six months then generally you should be classified as a Scottish resident.
Can I arrange a home visit?
Yes, a home visit can give you a lot more insight into the whole process, have all your questions answered and we also encourage home visits for your own peace of mind and to meet the person who will be administering your case. If a home visit is not your preference, you can arrange your application by telephone, or you can visit their offices.
Can I setup a Trust Deed by myself?
Unfortunately not, the process must be administered by a licensed insolvency practitioner. These are suitably qualified and experienced insolvency professionals who are regulated by Recognised Professional Bodies.
In addition, the Accountant in Bankruptcy (an executive agency of the Scottish Government) has a supervisory function over all Protected Trust Deeds and Trustees.
Will it affect my credit history?
There is no credit checks involved in setting up, however we need to make you aware that you will not be allowed to take out further credit for the duration of your agreement and your credit rating will be severely affected for a number of years afterwards. Credit rates will not be favorable and you will also need to begin a process of rebuilding your credit rating.
How do I apply?
You can start the process of applying by completing our online Wizard form for a quick indication on whether you would be eligible. Alternatively, you can call us on 0141 221 0999 and speak to an advisor now. Remember too, if you are not eligible, there are usually other options open to help you.
Can I get a quote online?
You can get an online example by completing the enquiry form. All calls are confidential, free of charge and without obligation. Some people say the most difficult step is taking the plunge and asking for help. We aim to provide advice that is fair, transparent and non-judgemental.
Very rarely do our advisers see a case that they have not done so already. Indeed thousands of people have spoken to us about their financial difficulties so do not feel embarrassed. We are here to help!
Are there alternatives to Trust Deeds in Scotland?
Yes, in Scotland there are a number of options open to you but your eligibility for each debt solution depends on your own individual circumstances. These alternatives include Debt Arrangement Schemes, Sequestration (Certificate for Sequestration and LILA Sequestration) and we will provide comprehensive information on the pros and cons of each solution and how it may impact your situation.
As a provider of ethical debt advice, we aim to highlight the key differences of each solution, and how it could affect you.
How does it work?
The process is actually quite simple. Your household outgoings are added together and subtracted from your normal net income (after tax) which leaves what is known as your disposable income. This disposable income is then used together with your total unsecured debts to calculate a repayment proposal which is then submitted to your creditors.
When a Trust Deed becomes protected, you will then be locked into a legally binding agreement to repay your debts over a typical period of 36 months. When discharged, you will be then become completely free from unsecured debts.
You can find out more by clicking here. We have experienced advisers ready to take your call and help you realise the prospect of a life after debt!
I have just moved to Scotland, Do I qualify?
This service is only available for Scottish residents, who have lived in Scotland for a minimum of 6 Months.
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