- Who is eligible for a trust deed?
- You have to have lived in Scotland for at least six months before you apply for a trust deed, but there is no minimum or maximum amount of debt that you've got to be in.
- How long does a trust deed last for?
- Most trust deeds run for a period of three years as long as you comply with all the terms. In special circumstances, however, it is possible to complete a trust deed in less than three years.
- How much will I have to pay back each month?
- The amount of your monthly repayments will depend on how large your debts are. Your payments could range from a couple of hundred pounds up to several thousand, depending on how much you can afford.
- Does it take long to get a trust deed set up?
- If you contact us today and it's decided that a trust deed is workable, you should expect to have your trust deed activated within around six weeks.
- Will my interest charges continue to add up if I have a trust deed?
- No. As soon as your trust deed is arranged, it is illegal for your creditors to add interest to the money that's owed to them. All interest charges, therefore, will become frozen.
- Can I just stop my repayments at any time?
- No, a trust deed is a legally binding contract and so you must keep up with your payments. If you simply stop making your payments, your trustee may be able to freeze your bank account and even apply to make you bankrupt.
- What happens when the trust deed is complete?
- If you've made all your prescribed payments and the set time period has come to an end, your remaining debts will be written off and your creditors will not be allowed to chase you for the money you owed.
- How much of my debt will I have to pay back?
- The total amount of money you'll have to pay back to your creditors will depend on your personal circumstances. The amount of money you owe, the assets you have and your disposable income will all be factored into the equation, but some people find they only have to pay back as little as 15% of their debts.
