Write off up to 74%* of your debt with a Trust Deed
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.
A Trust Deed is a legal document protecting you from creditor contact and pressure through affordable monthly payments.
Debt solutions, such as a Trust Deed, can be a positive way to manage problem debt. As a Scottish resident you could be eligible to write off part of the debt you owe with a Trust Deed.
Dependant on your circumstances, we will put a Trust Deed payment plan together to write off any debts you can no longer afford, all interest and charges will be frozen on the date your Trust Deed commences so you don’t need to worry about your debt growing, as long as you keep up with your new payment agreement.
Once the Trust Deed is complete, which usually takes around four years, any outstanding debts will be written off.
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.
To qualify for a Trust Deed, you must:
*based on the percentage of debt forgiveness upon completion.
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
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.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
