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If you are struggling to repay your debts over £5000, and live in Scotland then a trust deed could be the ideal solution for you.
A trust deed is a legally binding agreement between you and your creditors that could reduce your monthly payments and stop creditor demands for payment.
In most circumstances a trust deed in Scotland can be registered as protected. This happens when at least two thirds of your creditors agree to the terms and conditions of your trust deed.
The trust deed process can begin with one quick and confidential phone call. All we need are a few details about your situation and your unsecured debts. You will not be committed to anything after the initial phone call so you will still have time to evaluate your options.
Alternatively, get an immediate response by filling in your details on the 'Debt Solution Finder'.
The arrangement is binding and if you were to default on the arrangment then the insolvency practitioner could petition for your sequestration (bankruptcy).
Details of all secured and unsecured debts should be provided, including credit cards, store cards, bank loans and council tax, together with latest statements and particulars of account numbers.
The trust deed will be noted on your records for 6 years.
Once you are committed, unsecured borrowing, such as store cards and credit cards, can result in breakdown of the deed and may involve the release of any remaining equity in proprerty you own.
All aspects of the agreement are discussed with your trustee at the initial meeting, giving you enough time to evaluate the situation and determine whether pledging to the conditions of a trust deed is appropriate for your financial position.