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Live in Scotland? Debts over £5,000? Find how a Trust Deed can help you.

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Money Helper

To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.

What are Trust Deeds ?

Trust-Deeds.co.uk provides professional advice and solutions to people living in Scotland with debt problems and already we have successfully helped thousands of families. The services provided effectively help clients regain control of their finances and their lives.

How Trust Deeds works?

A Scottish Trust Deed is a legal process available only to residents in Scotland. It provides people in debt with an alternative to bankruptcy. If you find it difficult to repay your debts, a monthly payment is established based on what you can realistically afford to pay. Your Trust Deed will generally last for a period of four years, but that may vary, after which any remaining unsecured debts included in the Trust Deed are written off!

Who we are and how we can help

By choosing a Scottish Trust Deed they can look at reducing your debts into one lower monthly repayment and leaving you writing off the unsecured debts that you cannot afford. This is usually 48 months, but may vary

One last thing to mention

We are aware that being heavily in debt can significantly affect your life. Trust-Deeds.co.uk can help to relieve some of the burden by helping you reduce your monthly repayments. We can consolidate all your existing credit cards, loans and other unsecured debts into one often lower monthly repayment.
Learn more about Trust Deeds

Limitations of a Trust Deed

No Obligation

Your creditors are not obliged to accept a proposal for a Trust Deed. Your trustee will negotiate on your behalf to agree an arrangement with all your unsecured creditors. If creditors that you owe more than one third of your total debt object to the proposal then your Trust Deed will not become protected.

Careful Consideration

The arrangement is binding on you and your creditors. If you were to default on the arrangement then your trustee (the Licensed Insolvency Practitioner) can petition for your sequestration or bankruptcy. Also, if you fail to adhere to the terms of the Trust Deed, your home and other assets may be at risk. Our staff will fully explain the implications of the Trust Deed to you to ensure that the proposal is affordable, achievable and suitable to your personal circumstances.

Unsecured Only

Only unsecured debts can be included in a Trust Deed. Secured debts cannot be included a Trust Deed and you will have to continue paying your current secured creditor(s) or arrange a new payment arrangement with them yourself.

Full Disclosure

Any existing wage arrestment orders or other diligence may continue to be effective. It is therefore important to fully disclose any actions that may already have been taken against you in order that the appropriate arrangements can be made for these to be released, if possible. At worst, the effects of these procedures need to be taken into account when framing the proposal for the Trust Deed.

A Trust Deed Example

Typical case before a Trust Deed

Debt owed by customer (credit cards, loans, store cards and overdraft) : £30,000
Number of creditors : 6
Monthly payments : £770.00

Typical case after a Trust Deed (over 48 months)

New Monthly Payment : £200
Monthly Saving : £570
Total Payments : £9,600
Debts Written Off : £20,400

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Contact

WB Debtcare is part of the WBG Services LLP

WBG Services LLP, a limited liability partnership, is registered in Scotland (No. SO 301911)

Registered Office:
168 Bath Street
Glasgow
G2 4TP

Tel: 0141 566 7038


enquiries@trust-deeds.co.uk