Trust Deed Scotland | Experts In Scottish Debt Solutions Hamilton Price

Is A Scottish Trust Deed Right For You?

Hamilton Price Could Help...

Legally Write off Debt
You are guaranteed to become debt free with a Trust Deed
Stop Creditor Action
Stop legal action, court summons and Sheriffs
No setup fees
We never charge set up fees
Trustpilot logo
 Trustpilot

Trust Deed Calculator

Trust Deed


A Trust Deed is a formal agreement between you and your creditors to pay back what you can afford towards your debts. Debts are condensed into affordable monthly payments and are Written off once the Trust Deed is completed, usually after 48 months, it is designed for people who have taken out too much debt and are struggling to meet their monthly repayments.

Only Scottish residents are eligible for Trust Deeds, Once Protected it is an extremely powerful legal tool to help you back on the road to financial stability

You are guaranteed to become debt free

 Hamilton Price charge no upfront fees

 One affordable monthly payment

 Both tenants and home-owners can apply

 All interest rates are frozen and all charges are stopped

Upon the successful completion of the Trust Deed, you will be considered Debt Free, even though you may not have actually paid off all of your debts. Any outstanding balances are written off and then you are free to make a fresh financial start.

Get Advice Now

Is a Trust Deed right for me?

If you’re not sure whether a Trust Deed is the right thing for you ask yourself the following questions…

 Are you struggling to repay your debts?

 Do you feel stressed by lenders contacting you about payments?

 Are you worried about debts affecting your personal life?

 Do you feel that your financial situation is out of control?

If you answered yes to any of the questions above, then a Trust Deed may be the best solution for you.

Benefits of a Trust Deed with Hamilton Price

 Telephone calls and payment demands stopped

Once the IVA is agreed, your creditors will not be allowed to contact you as long as your payments are maintained.

 Interest and late payment charges frozen

After the agreement has been put in place, your creditors cannot add further charges or interest to any of your accounts covered by the agreement.

 Can I afford an IVA?

The amount you repay depends on personal circumstances and the monthly payments you can afford.

 Single monthly payment

At the beginning of the arrangement, you agree with your creditors what you can afford to pay each month. In some cases, you can pay a one-off lump sum.

 Protection from court action

Once an IVA is in place, your creditors are not allowed to take further legal action against you as long as you stick to the terms of the arrangement.

 Confidential

If you undertake an IVA, it is a confidential matter between yourself and your creditors. No publicity in the local papers. However your name can be searched in the insolvency register which is available to insolvency professionals on the internet.

Get Advice Now

View our frequently asked questions

What is a Trust Deed?

Trust deeds are only available in Scotland. They are an agreement between someone struggling with debt and their creditors, in order for the borrower to pay back some or all of their debt. At the end of the trust deed the individual is declared debt free. The borrower’s assets are given to a trustee, who is a qualified insolvency practitioner, to sell in order to pay back the debts. The borrower also usually has to make payments towards the debts from their income for two years, although the amounts and timescale vary case by case. Creditors are not bound by the agreement until the trust deed is protected.

What Is A Protected Trust Deed?

A person can apply to have their trust deed protected in order to prevent the included creditors taking other action to recover the debt, such as starting bankruptcy proceedings. A protected trust deed also stops the debtor themselves applying for bankruptcy. They also cannot apply for a debt payment programme from the Debt Arrangement Scheme.

For a trust deed to become protected more than half the creditors (or at least creditors representing two thirds of the debt involved) included in must agree to its terms. Protected trust deeds are listed in the Register of Insolvencies, meaning that credit agencies and banks will know about it, which will affect the individual’s credit rating.

Trust deeds cannot become protected if:

The agreed payment plan would pay off all the debts in full
The debts involved total less than £5000
 Too many of the creditors involved object to the terms

What Debts Can Be Included In A Trust Deed?

Most unsecured debts can be included. Secured debts, like mortgages, cannot be included. Other debts which are excluded from becoming part of a trust deed include:

 Court ordered payments, such as fines, compensation, penalties or forfeiture orders
 Family, aliment, or child support payments
 Student loans
 Any debt owed due to fraud, such as benefit fraud

Will I Loose My House?

Secured debt, like mortgages, cannot be included in a trust deed. If mortgage payments are missed, the property may still be repossessed.

If the person in debt owns their house or other property, it may be sold to pay back their debts. The trustee will do their best to prevent the house being sold on the open market, including exploring options to release the equity of the house or allowing a friend or relative to buy out the debtor’s interest in the house, but if there is no other way to raise the funds the house will be sold.

It may be possible to exclude a house from a trust deed by speaking to the mortgage provider and getting the agreement of the creditors in the trust deed. If the creditors do not agree to a trust deed which excludes the property, there is nothing preventing the offer of a second trust deed which does include the property. If a property that was excluded is sold within four years of the signing the trust deed, any money that is not used to pay off the mortgage of the property must be added to the assets used to pay back the creditors.

View More

 

Talk to an advisor today

on our 24hr Helpline

0800 088 2599

line

Trust Deed Live Chat

Live Chat

Have a question? Ask us, we are

here to answer your questions

line

Trust Deed debt test

Take our debt test

Get help now with our debt test,

Do you qualify for help?

Do I Qualify

line