A Trust Deed differs from many other financial solutions in that it can be much more flexible and affordable while at the same time providing protection from your creditors.
To enter into a Trust Deed you will need the help of a licensed Insolvency Practitioner who will assist you with the preparation work. This person will be known as the “Trustee”. The Trustee will go through all details with you prior to signing the Trust Deed and then proceeds to liaise with your creditors and later in the case of the Trust Deed becoming protected, distributes contributions to creditors on your behalf and administers your Trust Deed.
The arrangement usually lasts for a period of 36 months in which you have agreed to a monthly payment schedule based on what you can actually afford. Once this has been agreed all documentation is drawn up and sent to you for signing. The Trustee will then place a notice in the Edinburgh Gazette (don't worry, only really creditors use the Gazette) and your creditors will then have 5 weeks to respond with their decision. This is not a local newspaper nor is it available to purchase on the high street, the main users are the major lenders.
The Trust Deed will then become protected if less than one third of your creditors submit a written rejection against it.
- All Interest and Charges are frozen.
- No Set-up Charge.
- Debt Free in 36 months.
- Affordable monthly payments.
- You have a fixed end point.
- Pressure from Creditors is stopped.
Contact us today and start your debt free life.
Find out more about Trust Deeds and the Trust Deed process
