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Trust Deeds are legally binding arrangements in Scotland, where you make reduced payments for a period of 4 years. If you live in England, Wales, or Northern Ireland, you may be eligible for an IVA. Complete the form to see if you are eligible.
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
You can find. Government guidance on dealing with your creditors here.
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.
When putting a Trust Deed in place certain, restrictions to your expenditure may be applied.
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.
Please be aware that lenders are not obliged to accept less than contractual, payments or to freeze interest and charges. This may result in an increase in the total, amount repayable and may affect your credit rating.
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.
If you want to write off debts and stop action from creditors a Trust Deed may be the option for you.
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.