Feefo

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Feefo

Frame 33492

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Write off up to
74% of your debt with a Trust Deed

  • One low monthly payment
  • Prevent additional interest and charges
  • Stop pressure from creditors
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May not be suitable in all circumstances. Fees apply read more. Your credit rating may be affected, read more.

For free, independent advice, you should visit to Money Helper via their website.
For free, independent advice, you should visit to Money Helper via their website.

Get out of debt with a
Trust Deed in Scotland

Often considered as the last resort and the most serious of all personal debt solutions, Bankruptcy allows you to reset your financial situation and start afresh.

Bankruptcy is a form of personal insolvency and is a suitable solution when you are unable to repay anything towards your debts and have little or no assets. 

You can choose to declare yourself bankrupt but in some cases one of more of the companies you owe money can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe a minimum of £5,000.

Being declared bankrupt usually involves selling items that are of high value, such as your house or car, to raise money to pay off your debts. You may also be required to make a monthly payment towards your debts if you earn enough.

Once your application for Bankruptcy has been approved, your creditors are no longer allowed to contact you or try to take further legal action against you in order to get the debt repaid. A Bankruptcy typically lasts for a year and at the end of the 12 months any remaining debt is written off.

How it works?

We will look through all your income and outgoings working out how much you can realistically afford to pay back towards your debts and have enough money to pay all your everyday living costs like, food, rent, bills etc. Everything that you can afford we will put into a Trust Deed proposal under the supervision of our Insolvency practitioner to write this off.

Unfortunately, not everyone will qualify for a Trust Deed, but our friendly and experienced advisors are on hand to guide you through the process and talk you through all your options based on your personal situation.

Are you eligible?

To qualify for an Trust Deed, you must:

Check If You Are Eligible

Have more than two creditors

At least £5,000 of debt

Have a regular income

Be a Scottish resident

Benefits of a Trust Deed

  1. Only pay what you can afford
  2. No more harassment from creditors
  3. Start afresh with your finances
  4. Interest rates and charges frozen
  5. Single monthly affordable payment

Considerations

  1. Your details will be kept on the insolvency register, which is public
  2. A Trust Deed will appear on your credit file for 6 years, affecting your credit rating
  3. If the Trust Deed fails, there is a risk it could lead to bankruptcy
  4. The fee payable to your Trustee is a standard fee between £1,000-£2,500 together with a % of realisations, ranging between 15-20%

Want to clear your debts?

Get in Touch

Credit Score

Credit Score Pop Up Wording : An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.

Fees

IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.