Reviewed 21st December 2021
Q: I took out a payday loan last year but wasn’t able to repay it on time and then I took out another to help with Christmas. I buried my head in the sand a bit and they have spiralled out of control and each month the interest is accruing and I can’t afford to pay them off.
It’s really stressing me out and I’ve ended up missing credit card payments so I could make payday loan payments – it’s a never ending cycle and I feel like I don’t even want to answer the phone. I’ve been told I should consider consolidating all my debts as quickly as possible – how long does it take to set up a trust deed?
A: A Trust Deed can be setup very quickly. Once you have discussed your financial situation in full with an Advisor and taken time to consider that this is the most appropriate option taking all factors into account. The Trust Deed document and accompanying paperwork can be signed which then gives the Trustee the relevant powers to act on your behalf. The Trustee will make contact with all your creditors and from that point you can stop making payments to the individual creditors and pass all correspondence for the Trustee to deal with. Thus relieving you from the pressure instantaneously.
Why Choose Us
Speak Direct With
A Qualified Adviser
We Don't Operate
5 Offices in Scotland
Ask us About
Fully Regulated Advisors
From a Reputable Firm
Helping Scots Get
Out of Debt Since 1989
We'll give you a call
Our Scottish based team can help advise you on your debt problems.
Our personalised debt report will help you better understand your financial position and see where your money is going.
Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.
Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority
Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.