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Trust Deeds

A Trust Deed is a legally binding debt service between you and your creditors and is regulated by the Bankruptcy (Scotland) Act 1985 (as amended) which benefits both you and your creditors.

Depending upon your circumstances you benefit from:

Up to 85% of your outstanding debt written off.
Be debt free usually within 36 months.
All interest and charges on your debts will be frozen.
You will be protected from further court action.
All contact from your creditors will cease.
Your monthly contribution is based on what you can realistically afford.

Remember, after the term of the Trust Deed the remainder of your debts are effectively written off leaving you debt free usually within three years.

What criteria do I need to meet?

One creditor or more
A minimum debt level of £10,000
A minimum monthly contribution of £175 or £200 if you have no assets.
In full time employment or retired with private pensions.

Requirements to maintain a Trust Deed

You will be required to release any equity in your property.
This debt solution is binding on you as well as your creditors.
If you were to default on the debt management arrangement then the Insolvency
Practitioner can petition for your sequestration.
You must declare any windfalls, inheritance or pay increases to your (trustee) Insolvency Practitioner.
If you bank with one of your creditors you may need to open a new bank account.

How much will I have to pay for a Trust Deed?

This all depends on your circumstances. Impartial Debt Advice will give you debt advice based on your income & expenditure, making the payments affordable for you. You will be required to set up a standing order with your Insolvency Practitioner, which will then go in to your Trust Deed account.

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Trust Impartial Debt Advice

Our organisation is a trading style of Debt Advisory Line who have been voted Debt Management Provider of the Year in both 2008 and 2009.

Our trained advisors will initially listen attentively to determine the level of your debt problem and your specific circumstances in terms of your level of debt, family circumstances, employment status and disposable income. Once they have a good understanding of the particular issues you are facing they will be in a position to offer a solution that is appropriate for your needs and which will enable you to clear your debts as quickly as possible.