A Trust Deed is a solution for individuals that live in Scotland that have unsecured debts and are struggling with repayments.
It is a legally binding solution that helps people to repay debts at a more affordable rate and is often a good alternative to sequestration (or bankruptcy as it’s known in England, Wales and N. Ireland).
Individuals in a Trust Deed are also protected from unsecured creditors taking further legal action against them and they are no longer allowed to contact them about their debts.
So if you are struggling with your debt repayments, a Trust Deed could be the right solution for you.
The appointed trustee will charge a fixed administration fee and an additional fee based on a percentage of funds collected during the trust deed for the work they do in administering the trust deed. The trustee must give you an indication of what they will charge before the trust deed is signed.