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ScottishTrustDeed

Debt Help In Scotland

ScottishTrustDeed

Debt Help In Scotland

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TRUST DEEDS IN SCOTLAND

 * Lower Monthly Repayments
 * Write Off Unaffordable Debt
 * Freeze Interest & Charges

DO I QUALIFY?
Apply Now

May not be suitable in all circumstances. Fees apply. Your credit rating may be
affected.


WHAT IS A SCOTTISH TRUST DEED?

A Trust Deed is a formal agreement between you and the people you owe money to.
You will get legal protection from your creditors and freeze the interest and
charges on what you owe.  You will turn all your unsecured debts into a single
monthly repayment once your Trust Deed has been Protected.

A Trust Deed in Scotland is designed for people who have taken out too much debt
and are struggling to meet their monthly repayments. Typically repaid over a
period of 4 years, when finished, any leftover money owed is written off.

Find out more about how a Scottish Trust Deed works below!









DEBT HELP IN SCOTLAND


Scottish Trust Deed provide tailored debt advice on all available debt solutions
in Scotland. We make sure that our customers get personalised debt advice based
on their affordability, lifestyle and needs.


CHECK IF YOU QUALIFY FOR SCOTTISH DEBT HELP


Help with unaffordable debt in Scotland

What is the total sum of debt?

Under £3,000 Over £3,000



DON’T FEEL ALONE IN DEBT


5,663Trust Deeds were Protected in Scotland in 2022.
Figures taken from AiB
4,947Approved DAS Repayment Proposals in 2022.

Figures taken from AiB
83% of Unaffordable Debt Written Off*
98% TrustPilot customer rating in 2022.


To find out more about managing your money and getting free advice, visit Money
Helper, an independent service set up to help people manage their money.




TRUST DEED EXAMPLE



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


EXAMPLE UNSECURED DEBTS

1 Personal loan £8,000 2 Credit card 1 £6,812 3 Council Tax £4,092 4 HMRC Debts
£5,399 4 Over payments £5,200 4 Overdraft £700 Total Owed £30,204


YOUR MONTHLY REPAYMENTS WOULD BE

Before
a Scottish Trust Deed £748
(total contractual repayments)
After
a Scottish Trust Deed £295
(total contractual repayments)
Reduced by
60%

* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances. For more information on our
fees click here



DO I QUALIFY FOR A TRUST DEED SCOTLAND?

To qualify you must meet the following criteria:

 * You currently live in Scotland
 * You have debts of £5,000 or more
 * You are able to pay a monthly contribution from income and/or have realisable
   assets that will enable a minimum return to creditors of 10p in the pound
 * You are insolvent (you are unable to pay your debts as they fall due and/or
   your liabilities are greater than your assets)




HOW TO APPLY FOR A SCOTTISH TRUST DEED

We make it as easy as possible. Here’s how:

 * Apply for a Trust Deed today online or give us a call on 0141 456 0430 and
   one of our experienced debt advisers will call you back at a time requested
   by you.
 * The debt adviser will assess your financial position and advise you of the
   options available to you.
 * If you are suitable for a Trust Deed or another formal debt solution and
   choose to go ahead with it, you will be asked to sign the relevant documents
   after being given time to fully consider your decision. You should always
   feel suitably informed of your
 * Alternatively, you can now also get Scottish debt advice over WhatsApp and
   LiveChat if you are unable to do this over the phone or in person.


HOW MUCH DOES IT COST TO SET UP A SCOTTISH TRUST DEED?

Our initial debt advice is free and there is no cost if you change your mind
after having discussed your option with an experienced debt adviser.

Should you choose to enter into a Trust Deed or the Debt Arrangement Scheme
(DAS) with us, then there will be a fee for our services.

Your debt adviser will explain this fully and further information can be found
by clicking here. You will never be asked to pay any upfront setup fees and you
will never feel obliged to proceed with any debt solution we offer you, should
you be eligible.


ARE THERE ALTERNATIVES TO A SCOTTISH TRUST DEED?

Yes, our experienced debt advisers will run through all solutions that are
available for you in Scotland.

We provide advice on formal Scottish debt solutions: Trust Deeds, the Debt
Arrangement Scheme (DAS), the Minimal Asset Process route into Sequestration
(MAP) and alternatives.

Should you choose to proceed with a solution that we are able to offer you, it
will always be on your terms. With no obligation to proceed with ourselves once
you’ve received your initial advice, you’ll make an informed decision at your
own pace.


BENEFITS & RISKS OF A SCOTTISH TRUST DEED

Benefits of Scottish Trust Deeds

 * You pay a single monthly amount based on what you can afford.
 * Interest, charges and debt collection stop when your Trust Deed is approved.
 * You can include most of your non-priority or unsecured debts. Some debts,
   like student loans and fines, cannot be included.
 * Once you make your final payment, the rest of your debts are written off.


BENEFITS & RISKS OF A SCOTTISH TRUST DEED

Benefits of Scottish Trust Deeds

 * You pay a single monthly amount based on what you can afford.
 * Interest, charges and debt collection stop when your Trust Deed is approved.
 * You can include most of your non-priority or unsecured debts. Some debts,
   like student loans and fines, cannot be included.
 * Once you make your final payment, the rest of your debts are written off.

Risks of of Scottish Trust Deeds

 * Your credit is negatively affected for 6 years.
 * It may be harder to get credit once complete.
 * Your Trust Deed could be extended if you
 * Risk of bankruptcy if the arrangement fails

APPLY NOW

Risks of of Scottish Trust Deeds

 * Your credit is negatively affected for 6 years.
 * It may be harder to get credit once complete.
 * Your Trust Deed could be extended if you
 * Risk of bankruptcy if the arrangement fails


*CAN I WRITE OFF UP TO 83% OF MY UNAFFORDABLE DEBT?



Our data is based on 5,234 Protected Trust Deeds currently administered by Trust
Deed Scotland® and granted between January 2017 and September 2021.

In this sample of PTDs, the expected write-off figure reaches as high as 83%. 5%
of the PTDs have an expected write off figure between 71% and 83%. 95% of the
PTDs have an expected write off figure of up to 70%, the average (mean) being
45% when the costs of administration are included.

Of the cases in this sample, 1,823 were granted since the Covid-19 pandemic took
effect in 2020. The average expected debt write-off for these cases is slightly
higher at 49%, when the costs of administration are included.

Your decision to apply for a Protected Trust Deed should not be taken purely on
a proposed debt write off amount alone. It is very rare for a Trust Deed not to
be protected with Trust Deed Scotland® and they have one of the best protection
rates in our industry, for example, Over 2021-2022, Trust Deed Scotland®
achieved a protection rate of 98.5%, this made them the best performing volume
provider of Protected Trust Deeds in Scotland.

Trust Deed Scotland® provide tailored debt advice on all available debt
solutions in Scotland.

We make sure that our clients get personalised debt advice based on their
affordability, lifestyle and needs. May not be suitable for all. Will affect
credit rating.

To find out what your options are, simply complete our online form or just call
us on 0141 456 0430.


*CAN I WRITE OFF UP TO 83% OF MY UNAFFORDABLE DEBT?

Our data is based on 5,234 Protected Trust Deeds currently administered by Trust
Deed Scotland® and granted between January 2017 and September 2021.

In this sample of PTDs, the expected write-off figure reaches as high as 83%. 5%
of the PTDs have an expected write off figure between 71% and 83%. 95% of the
PTDs have an expected write off figure of up to 70%, the average (mean) being
45% when the costs of administration are included.

Of the cases in this sample, 1,823 were granted since the Covid-19 pandemic took
effect in 2020. The average expected debt write-off for these cases is slightly
higher at 49%, when the costs of administration are included.

Your decision to apply for a Protected Trust Deed should not be taken purely on
a proposed debt write off amount alone. It is very rare for a Trust Deed not to
be protected with Trust Deed Scotland® and they have one of the best protection
rates in our industry, for example, Over 2021-2022, Trust Deed Scotland®
achieved a protection rate of 98.5%, this made them the best performing volume
provider of Protected Trust Deeds in Scotland.

Trust Deed Scotland® provide tailored debt advice on all available debt
solutions in Scotland.

We make sure that our clients get personalised debt advice based on their
affordability, lifestyle and needs. May not be suitable for all. Will affect
credit rating.

To find out what your options are, simply complete our online form or just call
us on 0141 456 0430.


SEE IF YOU QUALIFY


Question 1 of 5

What is the total sum of debt?

Under £3,000 Over £3,000



DEBT COLLECTOR & SHERIFF OFFICER GUIDES

Getting hassle from a creditor or debt collector?



Dealing with the people you owe money to can be daunting. Harrassing phone
calls, debt letters and home visits are enough to increase stress levels and
make you bury your head in the sand further.

We created these handy guides section on how to deal with creditors, debt
collectors and sheriff officers.

Each guide comes with expert advice, videos, tips and downloadable letters
which you can use to keep them at bay

DEBT COLLECTOR HELP


DEBT COLLECTOR & SHERIFF OFFICER GUIDES

Getting hassle from a creditor or debt collector?

Dealing with the people you owe money to can be daunting. Harrassing phone
calls, debt letters and home visits are enough to increase stress levels and
make you bury your head in the sand further.

We created these handy guides section on how to deal with creditors, debt
collectors and sheriff officers.

Each guide comes with expert advice, videos, tips and downloadable letters
which you can use to keep them at bay

DEBT COLLECTOR HELP



FREQUENTLY ASKED QUESTIONS ABOUT SCOTTISH TRUST DEEDS

Got a question about how it works? We might have an answer for you here but
don’t hesitate to contact Scottish Trust Deed for anything else you’re unsure
about!



 * All
 * Homepage

WILL A TRUST DEED AFFECT MY MORTGAGE?

credit rating – having a trust deed will affect your credit rating for 6 years
from the date the trust deed begins. This can make it harder to get credit like
a mortgage or a loan in the future. selling your belongings and property – you
may have to sell some of the things you own (your assets) such as your home.

DOES A TRUST DEED AFFECT CREDIT RATING?

Yes a Trust Deed does affect your credit rating because you are breaching the
original contractual terms of the credit agreement. It’s important to remember,
if you have already missed payments or have been paying reduced amounts to your
creditors then your credit rating may already have been adversely affected.

HOW DOES A SCOTTISH TRUST DEED WORK?

For more detailed information, please check our dedicated page on this topic:
How Does a Scottish Trust Deed Work? 

In brief, A Protected Trust Deed is a legally binding agreement between you and
the people you owe money to (creditors) to pay back only what you can reasonably
afford towards your debts over a set period.  You will make one lower,
affordable monthly repayment for a typical period of 48 months. Any remaining
debt left at the end of the term is legally written off.

A Trust Deed can be extended for a longer duration depending on your
circumstances. Whilst the minimum debt level is £5,000 the typical average debt
owed by Harper McDermott customers is well over £20,000.

You may also qualify for other formal debt solutions, including the Debt
Arrangement Scheme.

In order to find out whether a Scottish Trust Deed is right for you, we would
always recommend chatting through your situation with an experienced debt
adviser. This will ensure that you get well-informed tailored advice, that
allows you to make a decision in your own time, knowing all the facts and
considerations.

DO I GET MY PROPERTY BACK WHEN I GET MY DISCHARGE?

Once you have transferred assets to your trustee, it is their duty to sell them
for the benefit of your creditors. Any assets or money left over after all
expenses and debts have been paid should be returned to you.

WHEN WILL I BE DISCHARGED FROM MY DEBTS?

It will say in your agreement how long it is to run for and when you will be
discharged. Normally it is 4 years from the date you sign it (though it can be
longer). But unlike in a sequestration, this discharge is not automatic.

Your creditors must discharge your trustee before you can be discharged.

This means a Protected Trust Deed may remain open in the Register of
Insolvencies for some time after the 4 years. Your discharge is usually binding
on all your creditors. This means they can’t chase you for the money you owed
them before you signed the agreement.

But there are 2 exceptions. These are;

 1. Debts not covered by the agreement (i.e. over-payment of social security),
    or if a creditor who objected to the agreement can prove in court that they
    would have got more of their money back if you had been made bankrupt. This
    is very rare.
 2. If the Trust Deed fails to become protected, your discharge does not stop
    creditors who objected in the first place from chasing you for the money you
    owe them.

WILL CREDIT REFERENCE AGENCIES BLACKLIST ME?

No, you won’t be blacklisted but you may find it difficult to obtain credit
whilst on the plan and for a period after. Once the plan is complete, your
credit rating will start to improve.

There are things you can do to help improve your credit rating, like taking out
a credit card and paying it off in full every month.

This shows lenders that you can borrow money responsibly and pay it back on time
and in full. This is one of the most effective ways to improve your credit
score.

CAN MY TRUSTEE SELL MY HOUSE?

Yes. They can sell the property, but, if your house is jointly owned or if it is
the family home, your trustee needs the permission of the other owner or anyone
else who has rights to live in the house.

If the other owner refuses permission to sell, the trustee can go to court to
try and force what is known as a division and sale.

If this is granted, the house can be sold, and your share of the money raised
will go to pay off your debts. The other owner will get their share.

Normally if you have Equity in your property a small re-mortgage to raise funds
will prevent the home from being sold.

CAN I BE SEQUESTRATED FOR ANY OTHER REASON?

Sometimes, but it doesn’t happen very often.

 1. Your trustee can petition to have you sequestrated at any time if they think
    it would raise more money for your creditors.
 2. If one of your creditors believe they can prove they can get more of their
    money repaid if you are sequestrated, they can present a petition in court
    for your sequestration, even if it has been ‘protected’.

These are both very rare events. If you run up more debt after you have signed
the Trust Deed, the people you owe the new debt to can petition for your
sequestration.

HOW DO I APPLY FOR A SCOTTISH TRUST DEED?

Simply use our Trust Deed Calculator here. Based on the information you provide,
we calculate whether you could qualify for a Protected Trust Deed or any other
alternative formal Scottish debt solution. We will then contact you to begin
finding out more about you. Alternatively, you can now set up a debt solution
over WhatsApp.



Scottish Trust Deed FAQs


DEBT KNOWLEDGE HUB


 * What is Phishing and How Can I Avoid It?
 * 9 Simple Steps to Pay Off Your Wedding Debt
 * Which Debts Should You Tackle First?
 * Private: Persistent Debt – What is it? and how to get rid of it
 * Private: Sample Debt Letter To Send To Your Creditors
 * Private: Facing Redundancy And I’m In Debt. What Should I Do? – Free Advice
 * Private: Insolvency & Coronavirus – What to Do If You Can’t Afford to Pay

RESOURCES


 * About Scottish Trust Deed
 * Can I Get Debt Help in Scotland?
 * Contact Scottish Trust Deed
 * What Is An IVA In Scotland?
 * Scottish Trust Deed Knowledge Hub
 * Sheriff Officers & Debt Collectors

FAQS


 * How Does a Scottish Trust Deed Work?
 * Scottish Trust Deed Pros & Cons
 * Get Out Of Debt In Scotland

OTHER DEBT SOLUTIONS


 * Debt Arrangement Scheme
 * Debt Management
 * Sequestration Scotland

ScottishTrustDeed
Debt Help In Scotland

© 2024 ScottishTrustDeed. All rights reserved.

ScottishTrustDeed is a trading name of Harper McDermott Ltd.
Registered in Scotland: SC538101.
DPA Registration No: ZA212015

Harper McDermott Ltd is authorised and regulated by the Financial Conduct
Authority.
(FCA Number: 820851)

Thomas Fox is authorised to act as an Insolvency Practitioner by the Insolvency
Practitioners Association. (IP No. 16030)

Trading Address: First Floor, The Reel House, 7 West Regent Street, Glasgow, G2
1RW

HELPFUL LINKS


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 * Fees And Key Information
 * Advertising Substantiation
 * Complaints Procedure
 * Scottish Trust Deed Privacy Policy
 * Sitemap



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