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TRUST DEEDS IN GLASGOW & THROUGHOUT SCOTLAND

Available only in Scotland, a trust deed is one of the options you can utilise to deal with your debts. This formal, legally binding arrangement is drawn up between you and your creditors wherein you are obligated to repay only a percentage of your unsecured debts that you can afford. At Your Debt Advice Ltd in Glasgow, our financial advisors can help establish an affordable repayment plan based on your circumstances.

Trust deeds typically last for 3-4 years. Any remaining debts with the creditors involved are effectively written off at the end of this period, giving you a fresh start. However, selecting the right debt solution demands careful consideration. A trust deed can influence your credit rating, and you may need to release equity as a homeowner. Keep in mind that a bit of advice can make a big difference. Contact us for more information.

BENEFITS & RISKS ASSOCIATED WITH TRUST DEEDS

If you owe more than £5000, a PTD can offer a fresh start. This is a formal agreement between you and your creditors. You pay what you can towards your debts, and once complete the rest of your debt is written off.

BENEFITS OF A SCOTTISH TRUST DEED

You pay single monthly payments based on what you can afford.

Interest and any other charges are stopped once your PTD is accepted.

PTD includes most non-priority or unsecured debts such as student loans and fines.

Once your final payment is made, the rest of your debts get written off.

RISKS OF A SCOTTISH TRUST DEED

PTD is kept on the public register of insolvencies for at least 5 years

This stays on your credit file for 6 years.

It could be harder to get credit.

You may be asked to sell any assets over £1000.

If property is owned, you might need to pay equity towards your debts.

Items that are on hire purchase agreements can be affected meaning you may need to return them.

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