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Disadvantages of a Scottish Trust Deed

One of the most common debt-help agreements is a trust deed and this in large part due to the number of advantages that the trust deed process brings.

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If you’re a Scottish resident struggling under the weight of personal debts, there are a number of solutions available to you to help you get back on your feet. One of the most common debt-help agreements is a trust deed, and its popularity is largely due to the number of advantages that this process brings.

However, as with all debt solutions, there are also a number of drawbacks to a trust deed depending on your individual situation. Before going ahead with any debt remedy process it’s important to recognise the disadvantages which come with it and not be swayed or deterred until understanding the whole picture of what is right for your given circumstances.

You can speak with a specialist debt advisor at Scotland Debt Solutions for more information on the pros and cons of Scottish trust deeds and discover whether this could be a suitable solution to your debt worries. If not, our experienced team can help shed more light on alternative processes, such as sequestration or a DAS, which may be more appropriate.

In the meantime, here are some trust deed disadvantages that you should know about:

  • A trust deed may affect your job or employment position
  • Your details are entered on a public register known as the Register of Insolvencies which can be accessed and searched by anyone
  • If you fail to comply with the terms of your trust deed, the Trustee can arrest your earnings, petition the court for your sequestration (bankruptcy), or fail to provide you with your discharge certificate
  • Trustee can raise legal action to force sale of your property should you fail to comply with the terms agreed regarding your share of the equity in your home
  • Cannot exclude assets from the trust deed with the exception of your home (subject to consent of secured creditor).
  • Will have a negative impact on your credit rating

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Can we leave a message?
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Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our PRIVACY POLICY