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Trust Deeds

Find out how you may be able to reduce your debt repayments and write off a percentage of your debt. Complete the form for a call back or call us today and take the first step to getting on top of your debts.

Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk

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Trust Deeds

A Protected Trust Deed is a legal arrangement between you and your creditors, which gives you protection from creditors taking action against you to recover debts. (This is only available to Scottish Residents)

Once a Trust Deed has been established and is protected, creditors cannot add contractual interest or charges to any of your outstanding debt.

This means that at the end of the 4 year arrangement if you have made all your payments then any remaining debt on your account is written off allowing you to start fresh.

Pros & Cons for a Protected Trust Deed

Advantages
  • Payments are based on your circumstances and what you can reasonably afford to pay.
  • Your Trustee will contact your creditors, which will remove the pressure of unwanted phone-calls and letters.
  • Once the Trust Deed has become “Protected” creditors cannot take legal action to recover their debts and are bound by the terms of the Trust Deed.
  • At the end of the trust deed, the balance of debts included in the trust deed will be written off.
  • Creditors cannot take any further action against you once the trust deed has been protected
Disadvantages
  • If you are a homeowner you may be able to extend your monthly contributions to the Trust Deed if you are unable to re-mortgage.
  • Creditors can vote against a Trust Deed becoming “Protected”.
  • Signing a trust deed may affect certain types of employment.
  • You may find it difficult to obtain credit in the future. Credit reference agencies will assess the level of risk based your on financial history which may include the Trust Deed.
  • Your details will be entered onto a public register.

A Trust Deed is only available to residents living in Scotland. If you’re currently living England, Wales and Northern Ireland you may be eligible for a IVA.

Trust Deeds Help & Advice?

If you want to write off debts and stop action from creditors a Trust Deed may be the option for you. Speak to one of our advisors today on 0161 464 3661. or complete the form

A Trust Deed is only available to residents living in Scotland. If you’re currently living England, Wales and Northern Ireland you may be eligible for an IVA.

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