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Trust Deeds in Scotland
Through our experience with Scottish Trust Deeds we know when it's a suitable solution. Quickly find out if a Trust Deed is right for you with our three steps
Answer a few online questions
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Help reduce monthly payments
Typical Example from all our customers who were recommended a Trust Deed in Scotland
This average example shows how these customers’ payments were made more affordable each month.
Typical Example
Personal unsecured debt
£19,388
Number of lenders
8
Previous monthly debt repayments
£550
New monthly debt repayments
£155
These figures are based on the averages across all Scottish Trust Deeds arranged for customers in 2017. We assess each customer individually based on their circumstances, and payments to the Trust Deed are based on what is realistic and affordable.
Trust Deeds account for 40% of all personal insolvencies in Scotland
In Scotland, a Trust Deed allows you to repay your lenders over a set period, usually 4 years, and after this time, any outstanding debts will be written off.
A Scottish solution
Trust Deeds are only available if you live in Scotland.
Trust Deeds are affordable
You'll only make one reduced payment each month.
Freeze interest & charges
If approved, lenders will freeze interest and charges and they'll stop chasing you.
Your debts will be written off on completion
Once it ends, usually after 4 years, whatever's left of your unsecured debts, included in your Trust Deed, are written off. Any unsecured debts not included will remain outstanding.
Equity release
If available, you may need to release equity in your property to put towards your Trust Deed, and if you can't remortgage, you may have to make extra repayments. Remember re-mortgaging could result in a higher interest rate.
Terms of the Trust Deed
You could be required to reduce spending on non-essential items. If the Trust Deed fails, you could be at risk of bankruptcy and all interest and charges will be added back onto your debt balance.
Credit rating
Details of your Trust Deed will appear on a public register and your credit rating will be adversely affected.
Answer a few questions online, find out if a Trust Deed is right for you
Quickly find out if a Trust Deed is right for you
Trust Deeds are available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing service are provided. Our fees are explained here.
To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.
You'll only make one reduced payment each month
What will happen during a Trust Deed...
With a Trust Deed, you have the ability to safeguard your home
Answers to common Trust Deed questions
Will I have to cut back on my spending?
You will have to live to a budget for the full term of the Trust Deed – usually four years. During the Trust Deed, you must declare any inheritance, bonuses, overtime or windfalls. You'll be expected to pay some or all of this into your Trust Deed
Will it affect my credit history?
Your credit rating will be affected. Your Trust Deed will appear in the publicly available Register of Insolvencies and will show up on your credit history for six years from the day it starts
Will my home be at risk?
If you're a homeowner, you will be expected to release any equity in your property, and if you do this by remortgage the interest rate you pay is likely to be higher because you are on a Trust Deed. If you can't remortgage, you will need to make further monthly payments instead (but no more than the value of your equity)
What will happen if I fail to make payments?
If your Trust Deed fails, you could be made bankrupt
For further information about Trust Deeds Read more...
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If you are interested or would like more information on Trust Deeds, talk through your options with one of our experienced money advisors
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