This debt solution works in much the same way as an IVA but is only eligible to Scottish residents.
A Trust Deed is a legally binding agreement between the debtor and the creditors which typically lasts for 3 years.
An Insolvency Practitioner will act on your behalf and draw up proposals for acceptance by your creditors, if your creditors accept the proposal this will prevent any further action being taken against you. All interest and charges will be frozen.
There is no set contribution for a Trust Deed or set debt level – every case is assessed on the individual’s circumstances.
It is important that payments are maintained during the agreed term of the Trust Deed.
Only unsecured debts can be included in a Trust Deed and any assets must be declared as these may be sold. Homeowners may be asked to release equity in their property.
This option will have a negative effect on your credit rating, however at the end of the agreed term any remaining debt will be written off leaving you debt free.
Though we do not administer Trust Deeds at InControl, we do carry out the assessment and gather the required documents. Your case would then be passed to our trusted partner to arrange and administer and we are paid an introducers fee.
Is this the right option for you? Call us for an assessment.