Reviewed 29th April 2024
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.
Get a rough indication of what your repayments might be under each of our different debt solutions.
Here are some trust deed disadvantages that you should know about:
Debt Report
Our debt report is completely easy to use and is a great starting point for anyone with over £5000 of debts looking to take control of their debt issues. By providing us with details of your incomings and outgoings we can suggest the most appropriate way forward for you.
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Whether you are a sole trader or a limited company director, we can help you work through your current financial problems including money owed to HMRC
Business DebtsA Debt Arrangement Scheme (DAS) lets you pay off your debt through a series of manageable instalments over a reasonable length of time.
Find out MoreSequestration is the Scottish version of bankruptcy and may be suitable for you if you do not have the money to pay back your debts
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Our Scottish based team can help advise you on your debt problems.
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We have five offices located across Scotland. Find your nearest one here.
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A Trust Deed involves making a monthly contribution to your debts for up to four years. After this time any remaining debt included in the Trust Deed will not need to be paid.
Find out MoreOur 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.