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• Trust Deed

What is a Trust Deed? ( Scotland Only)

• A legal process for residents of Scotland with a significant debt problem - (normally over £10,000).
• On agreement your creditors accept a reduced offer of repayment in full and final settlement of their debt.
• Payments are normally only made for a 3 year period, following which the remainder of your debt is written off.
• All interest and charges on your account are frozen.
• Your account is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liaising with your creditors and distributing funds on your behalf.
• We can perform a confidential review of your circumstances to see whether you are eligible.

For further information on a Trust Deed or other insolvency services please do not hesitate in contacting us on freephone 0800 096 4409

Trust Deed Definition: A Trust Deed is a formal legally binding agreement between an individual who is unable to pay their creditors and a licensed Insolvency Practitioner (the Trustee). The Trustee will put together a form of proposals to the Creditors for approval and administer the Trust Deed. A Trust Deed is a form of informal bankruptcy and is regulated by The Bankruptcy (Scotland) Act 1985. The individual must be resident in Scotland.

NOTE:
A TRUST DEED CAN LEAD TO A SIGNIFICANT PROPORTION OF YOUR DEBT BEING WRITTEN OFF