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What is a Trust Deed?

What happens during a Trust Deed?

Common questions

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Blog articles

Trust Deeds in Scotland

Through our experience with Scottish Trust Deeds we know when it's the right solution. Quickly find out if a Trust Deed is right for you with our three simple steps

Answer a few online questions

It's fast and easy

2 min

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Makes sense of your money

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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

£23,474

Number of lenders

8

Previous monthly debt repayments

£513

New monthly debt repayments

£143

We are able to reduce monthly repayments by carefully reviewing your finances and putting forward realistic recommendations to your lenders.

These figures are based on the averages across all Scottish Trust Deeds arranged for customers in 2015. 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

Once 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 debt is written off, so you'll be debt free.

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 for 12 months. 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.

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

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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...

Advice

A Money advisor will gather the information needed to assess your situation. They will explain your options and help you decide if a Trust Deed is right for you

Options

If a Trust Deed is the right solution for you, a qualified practitioner will prepare the Trust Deed proposal documents

We then ensure you read and understand the documents before signing

Proposal

Your lenders are sent the Trust Deed proposal. They then decide whether to accept it

Once accepted the Trust Deed is set up as agreed

Solution

You will then get your own relationship manager to help you through your Trust Deed

Once your arrangement is fulfilled (usually 4 years), you will be free from debt

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 pay up to 12 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

Show the answers

For further information about Trust Deeds Read more...

Our promise to you

You will not be called by a call centre

Our experienced, money advisors will only call at a time convenient for you - and then be your single point of contact

We'll take care of everything

From finding balances to dealing with your lenders - your qualified Insolvency Practitioner will do it all for you!

DAC look to help everyone

We have helped over 400,000 people with a range of solutions - it's important we find the right one for you

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Find out if a Trust Deed is the right solution

Talk with your personal Money Advisor today

If you are interested or would like more information on Trust Deeds, talk through your options with one of our experienced money advisors

0161 413 9583

We will offer advice support and a solution

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