Trust Deeds Scotland | Trust Deed | Trust Deed Glasgow

We are a Scottish based company specialising in Debt solutions and in particular in Trust Deeds. With the current financial climate more and more people are finding themselves in need of advice regarding unsecured debt. At Assist we have a team of advisors ready to listen and help. Trust deeds if appropriate can be a very efficent way of resolving what appears to be a never ending spiral of debt. But help is always available and we promise to listen before we make any recommendation as to the best solution. However there is always a solution available and we will work with you to ensure you are properly advised. Give us a call and we will help

If you have a substantial amount of unsecured debt, usually around £10,000 or more, a Trust Deed could be your best solution. It acts as a legally binding agreement between you and your creditors, effectively freezing interest charges and setting an affordable monthly payment amount over an agreed fixed period, usually 3 years.

The benefits of a Trust Deed are:

Write off the unsecured debt you can't afford to repay
One affordable monthly payment - usually for three years
Protects you from further action by your creditors
Creditors are legally bound by the terms of the agreement
Real alternative to declaring yourself bankrupt
Best of all, you'll know exactly where you stand, exactly what you have to pay each month - and for how long.

We are here to help whatever your circumstances: divorce, illness, losing a job or a business, starting a family or simply over-committing ourselves can all make our debts get out of control.

If you owe significant amounts of money (in most cases, this means a total of £10,000 or more) to multiple creditors and you`re unable to keep up with your monthly payments, there`s a chance a Trust Deed could help you reduce your monthly payments and clear your debts over an agreed period of time (this will be 36 months in most cases).

Trust Deed - The Basics

A Trust Deed is an agreement between a borrower and their unsecured creditors. Basically:

The borrower agrees:

To make fixed monthly payments - as much as they can afford once they've taken into account their essential living expenses, from their rent/mortgage to their food, utility and petrol bills
To make those payments all the way through the Trust Deed, and

The creditors agree:

To accept their share of those payments
To refrain from pursuing any legal action against the borrower, and
To write off any outstanding debt once the Trust Deed has been successfully concluded.

Trust Deed - The Process

Step 1: discussing your options with a debt adviser

A professional debt adviser will help you explore your options. They'll discuss your finances with you and explain the various debt solutions which could be appropriate for someone in your situation.

If it looks like a Trust Deed is the best way for you to address your debts, they'll work with you to draw up a Trust Deed proposal, which details how much you`d be able to pay if the Trust Deed went ahead.

Step 2: The Creditors Meeting

Your creditors will be invited to look at your Trust Deed proposal and decide whether or not they think your Trust Deed should go ahead. 75% (by debt value*) of voting creditors must be in favour of the proposal for the Trust Deed to go ahead. They may wish to request some changes first.

Step 3: The Trust Deed

Your Trust Deed will begin. you'll make your monthly payments to your Insolvency Practitioner (IP), who will subsequently make payments to your creditors as agreed. The interest on the debts will be frozen.

Everyone involved in the Trust Deed is bound by the terms of the agreement. If you break them, your creditors may try to pursue legal action against you, such as making you bankrupt - but as long as you stick to the rules, they`re not allowed to do so. So a Trust Deed is not appropriate for people who can`t commit to making regular payments.

Step 4: End of the Trust Deed

Providing all has gone according to plan, your Trust Deed will come to a successful conclusion after your 36th payment (at the end of the 3rd year). Any outstanding unsecured debt will be written off and you will be legally debt-free.

Three years after the Trust Deed finishes (6 years after it started, in other words), the Trust Deed will be removed from your credit rating.

Trust Deed