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A Trust Deed is a debt relief mechanism as prescribed by the Bankruptcy Act of Scotland 1985. It is an alternative solution to bankruptcy. The Trust Deed’s purpose is to allow people who are in financial difficulties to repay a proportion of their debt over a period of time, usually 3 years. On occasion this period may be extended depending on the individual’s circumstances.

The monthly contribution is determined by the amount of surplus income a person has available, after all essential expenditure has been considered. A further qualification is that the contribution proposed meets the creditor’s minimum return of 10p in the pound. That means for every £1 owed, the creditors will receive at least a 10p return at the end of the Trust Deed. Again the amount re-paid to creditors depends your circumstances.

 We charge no upfront fee’s and have an excellent success rate at gaining protection from your creditors.

 Before applying for a Scottish Trust Deed
 You must have at least 2 credit agreements with combined debts of £7,500 or more
 You must have a regular income

Signing a Trust Deed does not necessarily mean your appointed Trustee will sell your home. You will be well informed about the potential outcomes from the signing of a Trust Deed, your Trustee will calculate if there is any equity/profit in your property (equity/profit = the value of the property – the amount outstanding of any mortgages and/or secured loans).

The major factors to consider are that the signing of a Trust Deed is it does have an impact on your credit rating, you cannot borrow during the term of your Trust Deed, and once protected it will be registered on the Register of Insolvencies. All creditors have access to this register.

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www.money-web.co.uk is an independent marketing website which links individuals and businesses to companies who offer specialist Financial Advice. money-web.co.uk cannot and do not offer financial advice. Money-web.co.uk is not responsible or liable for any financial service provided by or obtained through a third party, though each UK company we work with is fully authorised and regulated by the FSA. The information published on this website is correct at the time of publishing and intended for information purposes only and should not be construed as financial advice under the Financial Services and Markets Act 2000