Learn about Trust Deeds

A Trust Deed is a legally binding agreement between you and your creditors that could allow you to reduce your monthly payments, stop the creditors hassling you, and upon completion (usually after 3 years) write off any remaining unsecured debt.

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What are the disadvantages of a Trust Deed?

There are some disadvantages of opting for a Trust Deed:

  • If you fail to maintain your Trust Deed payments then it could be terminated and all credit within the deed becomes the individual’s sole liability again.
  • There are fees involved in setting up and maintaining a Trust Deed. This is included in your monthly payment.
  • In some circumstances you may have to release equity in your property.
  • If you require credit in excess of £250 you would have to inform the lender you have a Trust Deed.

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