A Trust Deed is only offered to Scottish residents and is similar to an IVA (Individual Voluntary Arrangement).
It is a legally governed procedure for those with serious debt problems who struggle to repay their borrowings. With a Trust Deed, you pay back a proportion of your debt over a specific amount of time, the monthly amount is dependant on the individual case. All remaining debt at the end of the repayment period is written off.
AllClear Finance: Trust Deed Benefits
A Trust Deed means that:
- Any unaffordable debt will be written off
- One tailored monthly payment.
- Typical fixed payment period of 36 months, after which any remaining debt will effectively be written off.
- Peace of mind from creditors, and your trustee will handle all correspondence.
- You creditors will not be able to add any interest or charges on existing debt, or take any legal action against you.
- You can still remain self-employed, hold certain public offices and continue to serve as a director of a company.
To find out whether a Trust Deed is the best solution to your debt free future, call our expert advisors on 0800 048 1762.
Not sure what debt solution is right for you? Take the All Clear Finance 1 Minute Debt Test to see your potential debt solutions.
Please Note: A Trust Deed is only available to residents in Scotland. The remainder of the UK is serviced by IVAs.