Sharon McDougall - 14th February 2025 - 2 minutes to read
Fees apply. May not be suitable in all circumstances. Your credit rating may be affected.
MoneyHelper is a free independent service available to customers offering debt counselling, debt adjusting and providing of credit information services.
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:
Sharon McDougall
Manager
In sequestration (the term for bankruptcy in Scotland), whether you lose your home depends on whether it's an asset and if you have equity in it
A bank arrestment is a legal process in Scotland where a creditor (a company you owe money to) can freeze your bank account in order to recover a debt you owe.
When business debts begin to spiral out of control, action must be taken to address the root cause of the problems being faced and prevent any further losses being accrued. When a business is operated...
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Sequestration is the Scottish version of bankruptcy and may be suitable for you if you do not have the money to pay back your debts
Find out MoreA 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 MoreA Debt Arrangement Scheme (DAS) lets you pay off your debt through a series of manageable instalments over a reasonable length of time.
Find out MoreWhether 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 Debts in ScotlandOur Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority
We have FCA authorisation for advice relating to Debt Arrangement Schemes and we are regulated by the ICAS and IPA when giving advice as an insolvency practitioner leading to our appointment in formal insolvency proceedings
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.