A Scottish Trust Deed is an official insolvency procedure whereby you hand over control of your assets to a Trustee, and pay a single pre-agreed sum to creditors each month, typically for 48 months. Repayments are designed to be affordable when the Trust Deed takes force, and the monthly amount is carefully calculated by an approved money adviser based on your income and essential expenditures. It’s reassuring to know that a key factor of Scottish Trust Deeds, and a major benefit for those entering them, is the flexibility built in to the arrangement.
By taking out a trust deed with Scotland Debt Solutions, you can ensure that all phone calls and letters from those you owe money to will stop. This is because we will take responsibility for liaising with your creditors and letting them you that you have entered into a trust deed, and that all further communication must go through us.
What happens if you lose your job whilst in a Trust Deed?
If you become unemployed after you’ve entered a Scottish Trust Deed, you should inform your Trustee as soon as possible so they can take the necessary measures to prevent the agreement failing. Scottish Trust Deeds are designed with some flexibility, which means the Trustee can apply for a ‘variation’ of its terms to cover instances such as job loss. As your circumstances and ability to pay have reduced considerably, the Trustee may be able to apply for a payment break or reduction in the payment amount.
