Take Our 30 Second Debt Test To See
If You Qualify For A Trust Deed...

Trust Deed Calculator...

Do I qualify?

Tell us about your situation:
Personal Details
Do I Qualify
Everything in the form was correctly filled if all the steps have a green checkmark icon. A red checkmark icon indicates that some field is missing or filled out incorrectly. In this last step you can confirm the submission of the form.

Trust Deed
Example


Here is an example of how a Scottish Trust Deed could make your debts affordable:

Let say your unsecured debts
looked like this...

Credit Card: £4,000

Personal Loan: £19,000

Store Card: £5,000

Total Owed £28,000

Current monthly£1,100
payments

After a Scottish Trust Deed...

New monthly£194
payments

New monthly repayment is based on affordability and varies from plan to plan.

Key information

Visit our FAQ Section for any in depth information on Scottish Trust Deeds

Why Choose Us?

We are expert provdiers of Scottish Trust Deeds. We offer free help and advice on debt solutions and can guide you in the right direction with regards to your debts.



See more testimonials here...

Scottish Trust Deed FAQ's

 

What is a Scottish Trust Deed?
Am I eligible for Scottish Trust Deed?
What debts can be included?
How long does it take to set up a Scottish Trust Deed?
Who is the trustee and what do they do?
Will the trustee take all of my assets?
Could I lose my home?
What happens if I cannot pay my mortgage?
If I rent a property, will the landlord have to know about my Scottish Trust Deed?
What will my Trustee do about hire purchase goods?
How long will my Scottish Trust Deed last?
What happens if I have an emergency and I cannot make a payment one month?
Do I have to tell my Trustee if I get a bonus or a pay rise?
What happens if I win some money on the lottery or a relative leaves me money in a will?
Could my family or employer find out?
If my employer found out could I lose my job?


What is a Scottish Trust Deed?
A Scottish Trust Deed is a way of paying back some of your debt and writing off unafordable unsecured debts without the pressure of creditors hassling you. They get back some of what you owe, although not the full amount, but it is usually more than if you were forced to either sequester yourself or if they sequestered you.

Fill out our form to see if your debts qualify

Am I eligible for Scottish Trust Deed?
Like many debt management solutions, Scottish Trust Deeds are only for those who meet the strict eligibility criteria;

 

  • You owe more than £10,000 to more than two creditors
  • You must live or have lived in Scotland for the last 12 months
  • You cannot have been sequestered in the previous 5 years  
Fill out our form to see if your debts qualify

What debts can be included?
Only unsecured debts can be included in a Scottish Trust Deed, which includes credit cards, store cards, loans, outstanding utilities bills (excluding council tax) and overdrafts. Secured debts such as loans guaranteed against your property, child maintenance, hire purchase agreements and mortgages cannot be included.

Fill out our form to see if your debts qualify

How long does it take to set up a Scottish Trust Deed?
It can take up to eight weeks to arrange a Scottish Trust Deed from the time you first take on your Trustee. They have to go through your paperwork, agree your budget with you, assess and value any suitable assets you might have, write to your creditors with offers and then go to court to get your Scottish Trust Deed protected so creditors cannot take action against you.

Fill out our form to see if your debts qualify

Who is the trustee and what do they do?
A trustee is someone with in-depth insolvency and financial law knowledge – usually an Insolvency Practitioner or an accountant that specialises in insolvency law – that will deal with all the administration and negotiations that are involved in having a Scottish Trust Deed.

Fill out our form to see if your debts qualify

Will the trustee take all of my assets?
Your Trustee will have their own ideas about what constitutes suitable assets that should be sold to release money to your creditors. Day-to-day living items will not be included, just those that will have a good value, such as savings, property equity, jewellery, endowment policies and occasionally pension pots as well. Generally cars under about £1000 will not be included and neither will any vehicle you need if your are self-employed, such as a van.

Fill out our form to see if your debts qualify

Could I lose my home?
You shouldn’t do. Your Trustee will want to value your home if you own it to see how much equity it has and then find a way to release that equity if it is above a certain amount. This may mean a remortgage, or they could let your spouse, another joint owner or a family member buy your share in the property with a lump sum.

Fill out our form to see if your debts qualify

What happens if I cannot pay my mortgage?
If you cannot pay your mortgage then it is unlikely you will be able to have a Scottish Trust Deed. You must be able to pay all of your essential bills and have more than £150 of surplus income left to make a payment to your creditors. If you are unable to pay your mortgage, this means you cannot live on your current income and have no surplus to pay creditors.

Fill out our form to see if your debts qualify

If I rent a property, will the landlord have to know about my Scottish Trust Deed?
Your landlord will not find out about your Scottish Trust Deed unless you tell them. No-one will send them a letter to tell them what is going on – it is your business not theirs – and you can continue to rent your property for the duration of your agreement. However, if you earn a reasonable income and are paying rent that is way above what the local average might be, your Trustee may want you to move to somewhere cheaper to free up some more money for your creditors.

Fill out our form to see if your debts qualify

What will my Trustee do about hire purchase goods?
Hire purchase goods are not considered assets as you do not own them until you pay off the loans. However, usually these cannot be included in a Scottish Trust Deed agreement and will have to be sent back unless a friend or family member is willing to take over the payments on them so you can keep them.

Fill out our form to see if your debts qualify

How long will my Scottish Trust Deed last?
Your Scottish trust Deed will last between three and four years. The payment part of it last three years (48 months), but after this your Trustee may wish to revalue your home to see if it has risen in value and release that equity before they go ahead and begin to tie up the loose ends with creditors so you can be discharged. This latter part could take up to 12 months.

Fill out our form to see if your debts qualify

What happens if I have an emergency and I cannot make a payment one month?
Some Trustees accept that life can throw you a curve ball and allow you a payment break. Your might be made redundant, have a child, or have to pay for an expensive repair on your house. Under these circumstances, your Trustee will contact your creditors and negotiate either extending the term of your agreement by a few months or increasing the payments you make when you began making them again.

Fill out our form to see if your debts qualify

Do I have to tell my Trustee if I get a bonus or a pay rise?
Your Trustee will want to check your finances every few months to make sure you are still earning the same amount of money and are living within your means. You must tell them about any bonuses or pay rises your obtain, and they will use their discretion as to how much they earmark to pay creditors. It works both ways however. As the cost of living increases, you may be finding it more difficult to cope if you haven’t had a pay rise or if your family expands and your Trustee might agree to renegotiate with your creditors to lower your monthly payment.

Fill out our form to see if your debts qualify

What happens if I win some money on the lottery or a relative leaves me money in a will?
Your Trustee will almost certainly require that money to be paid to creditors, although they may allow you to keep some of it. How much they decided to take is up to each individual Trustee though.

Fill out our form to see if your debts qualify

Could my family or employer find out?
Only if you choose to tell those around you about your Scottish trust Deed will they find out. Otherwise, you secret is safe. Despite being advertised and entered onto a register, your family are unlikely to ever see these anything about it as the magazines and websites involved are generally trade only and used by lenders and finance professionals.

Fill out our form to see if your debts qualify

If my employer found out could I lose my job?
If you have a clause in your employment contract forbidding you from being sequestered or entering into a Scottish Trust Deed, you must find a way to talk to your employer about the situation or you could be held in breach of contract and disciplined. Usually your HR department will be a good place to start.

 

Otherwise, if you do not have a clause of this nature in your employment contract, then you do not have to mention anything. If you decide to go down this route and keep quiet, it is also a good idea not to talk about your Scottish Trust Deed with your work friends, as they may mention something in front of your boss by accident.

Fill out our form to see if your debts qualify

Follow Us