Frequently Asked Questions

If you are still unsure about something or have any questions that we don’t answer here, we have a huge team of friendly and knowledgeable staff ready to have a chat with you on 0800 808 5124.

How do I apply for a trust deed?

Get in contact with us now to set up your Trust Deed. All we need from you is some information; let our dedicated and helpful team of advisers take care of the rest!

What if one of my creditors does not agree to the terms of my Trust Deed?

If a creditor or creditors who make up more than one-third of the debt reject the Trust Deed proposal then it will not achieve protected status and is therefore not legally binding for creditors.

At this stage, your adviser will offer alternative advice on how to move forward with your finances.

Will my credit rating be affected by a trust deed?

Entering into a Trust Deed will remain on your record for a set period and make it difficult to get credit. However, if you are eligible to enter a Trust Deed, it is likely your credit rating is already poor and in decline.

A Trust Deed is an opportunity to reset your credit rating and will demonstrate to future creditors that you are taking steps to get your finances under control. This will allow you much more freedom in managing your finances in the future.

While there is time involved in fixing your credit rating through a Trust Deed, it is progress. There is no hiding from the fact that struggling to keep your head above water won’t improve your credit rating.

What is the difference between secured and unsecured debt?

Secured debt is backed up by an asset. The simplest example is a mortgage; if you cannot meet your mortgage payments, the lender will take the house and sell it to recover the money.

Unsecured debt is not backed by any asset. These can include credit cards, council tax or overdrafts. There is no collateral, such as a house, if the repayments are not met. This means creditors usually have to take legal action to regain any money they are owed.

Will I have to sell my house or car?

While situations vary, it is highly unlikely you will have to give up your home or vehicle in the process of setting up a Trust Deed. If you choose to give up your home voluntarily, then that is an option available to you. If your car is brand new or of significant value then you may have to settle for a more affordable model.
Keep in mind that accepting help from us is the best way to protect your assets.

Will my creditors still contact me?

No. Once the Trust Deed has gained protected status all creditors included in the Trust Deed can only deal with your Trustee. By law, they can no longer harass you to reclaim debt, and we will relay any relevant information to you ourselves.

How long does a Trust Deed last and what happens when it ends?

While every situation is different, typically a trust deed lasts for 48 months.

At the end of the four year period, any remaining debt which has not been paid will be written off entirely.

All creditors included in the Trust Deed are not allowed to contact you in an attempt to reclaim any more money.

Do I have to pay to set up the Trust Deed?

Any fees that apply for setting up and overseeing your Trust Deed are taken from your monthly contribution, or from the sale of assets in cases where this is necessary to fulfil the Trust Deed. There is no initial fee for entering into a Trust Deed.

But remember, getting in contact with our team for advice costs absolutely nothing.

How much will I pay each month?

Your singular monthly payment is dependent entirely on your situation. One of our advisers will analyse your finances and determine how much you can realistically pay while still having enough money to support yourself and your family.

It is our job to ensure you are not paying a penny more than is absolutely necessary.

Who can qualify for a Trust Deed?

  • You must live in Scotland or have lived in Scotland within the last twelve months, or alternatively own a business in Scotland.
  • You must have over £5000 worth of unsecured debt which you are unable to pay back due to having debts of higher value than your assets.
  • You must be able to meet a minimum monthly payment through income or through the sale of assets which satisfies creditors

Don’t worry if you’re still unsure, all of this will be worked out by our team of on-hand advisers.