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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
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2 min
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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
£23,474
Number of lenders
8
Previous monthly debt repayments
£513
New monthly debt repayments
£143
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
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 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
For further information about Trust Deeds Read more...
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Scottish Solutions
Debt Arrangement Scheme (DAS)
MAP
Sequestration
Debt Management Plan (DMP)
Debt Consolidation
Debt solutions
Latest articles from our blog
Latest blog articles
Posted by: Christine Walsh
November 9 2015
Tackling your debts
If you're living in Scotland and struggling with unmanageable debt, you may have heard about Trust Deeds and want to know exactly how they work.
Posted by: Christine Walsh
November 10 2015
Tackling your debts
Today we're going to look at the debts that you can include in a trust deed and the restrictions you'll experience when you're on it.
Posted by: Christine Walsh
November 11 2015
Tackling your debts
This time we're going to look at some other things you might want to consider before entering into a Trust Deed.