Trust Deed- How it works...

As Trust Deed’s are formal agreements between you and your creditors it is important to find the right Trust Deed company to process your case and ensure it is handled professionally. Trust Deed’s are a legally binding agreements and have to be handled by a professional Trustee . All the companies we recommend have in-house Trustees are qualified and regulated by the relative government bodies so you can be rest assured your case will be handled professionally.

So how does a Trust Deed actually work? Well the process is simple. Firstly, type in your details into our form here. Taking into account the details you enter, our website will then calculate whether or not you qualify for an Trust Deed. If you do, Hurray! You are one step closer to being debt free.

If not, don’t worry, our calculator will find the next best debt solution for you and recommend the most suitable company to help you.

So you’ve qualified for an Trust Deed, the website will now recommend the most suitable company to help you. It will provide their contacts details so you can call them directly or if you prefer, they will call you.

1. Make contact the Trust Deed Company
Once you contact the Trust Deed Company they will go through your income, expenditure and creditor details. From this they can calculate your disposable income. This is the amount you have left over each month and taking into account your wages and all your household outgoings. From this they will work with you to generate a figure that you feel comfortable repaying each month.

2. Sign and return the paperwork
The Trust Deed Company will then either email or post to you the relevant documentation for you to sign. This usually includes your financial statement (The details about your finances you would have given the advisor on the initial call), the companies terms and conditions and a client authority form. This allows the Trust Deed Company to work on your behalf.

3. Sit back and let the Trust Deed Company take over
Once the Trust Deed Company is in receipt of your paperwork they can then begin to draft your proposal for the Trust Deed which his usually takes around 4-6 weeks. The Trustee for the Trust Deed company will then present the Trust Deed proposal to your creditors and then will be asked to vote either for, or against the new arrangement. Upon acceptance of the proposal the new arrangement will begin immediately and you will begin making your new lower, monthly repayment.

All you have to do is stick to making your monthly repayments and you will be completely debt free in 36 months.

Use our Free Calculator to see if you qualify for a Scottish Trust Deed.