Trust Deed

What is a Trust Deed?

A Trust Deed is a legally binding agreement between you and your creditors and is regulated by the Bankruptcy (Scotland) Act 1985 (as amended) which benefits both you and your creditors.

Depending upon your circumstances you benefit from:

	Up to 90% of your outstanding debt written off.
	Be debt free within 36 months.
	All interest and charges on your debts will be frozen.
	You will be protected from further court action once your Trust Deed has been protected.
	All contact from your creditors will be dealt with on your behalf by your Trustee.
	Your monthly contribution is based on what you can realistically afford.
	Trust Deeds (and sequestrations) will not be published in your local newspaper.
	It will not affect you job in any way i.e. if you are a police officer or in the armed forces. *(subject to contract)
	Trust Deeds are more flexible, less restrictive and generally cost less to administer than sequestration.
	You can re-mortgage whilst under a Trust Deed.

After the term of the Trust Deed the remainder of the debts are effectively written off leaving you debt free in three years.

A Trust Deed is a legally binding agreement between you and your creditors. It is regulated by The Bankruptcy (Scotland) Act 1985 (as amended) and offers a less formal and restrictive alterative to sequestration - particularly if you are a home owner or joint home owner.

What criteria do I need to meet?

	1 creditor or more
	A minimum debt level of £10,000
	A minimum monthly contribution of £175 or £200 if you have no assets.
	In full time employment or retired with private pensions.

Requirements to maintain a Trust Deed:

	You will be required to release any equity in your property.
	The arrangement is binding on you as well as your creditors.
	If you were to default on the arrangement then the Insolvency Practitioner can petition for your sequestration.
	You must declare any windfalls, inheritance or pay increases to your (trustee) Insolvency Practitioner.
	If you bank with one of your creditors you may need to open a new bank account.

How much will I have to pay?

This all depends on your circumstances; your monthly contribution is based on your income & expenditure, therefore will be affordable for you. You will be required to set up a standing order with your Insolvency Practitioner, which will then go in to your Trust Deed account.

For more information call free on:
0800 021 44 24

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Conditions Apply. Subject to status. Repaying debt over a longer period may increase the total amount to be repaid.
Your ability to obtain credit will be affected in the medium to long term. Fees payable.
Debt Advice You Can Trust is a trading style of Debt Advisory Line, 1C Riparian Way, Cross Hills, BD20 7BW.