Have you considered a Trust Deed? You could be debt free in 3 years

Many of our Scottish clients who have fulfilled the criteria, have been surprised and delighted to discover that with a Trust Deed, they can be debt free in 3 years.

Chiltern Debt Management has been helping people with debt problems for over 10 years, and understand that different debt problems need different solutions. For impartial advice from one of our specialists call us FREE on 0800 043 2332.

Requirements

• Debts of £10,000 or more
• The client must be a resident in Scotland

The benefits of a trust deed are:

• From receipt of information and payment, a Trust Deed can be completed within 7 working days.
• Creditors must stop adding all interest.
• In the majority of cases the term of the Trust Deed is 3 years, then the unsecured debt is written off.
• In many cases this could significantly reduce the total debt
• Allowance of expenditure can be more generous for you in a Trust Deed than a normal informal arrangement.
• Creditors (who may otherwise have been difficult) must comply with the arrangement, providing the debt owed to them is not more than one third of the total debt.
• The arrangement is legally binding. In other words, once protected the creditors cannot change their minds.
• The protected Trust Deed avoids bankruptcy.
• Unlike bankruptcy, your employers will not be told. In many cases, this can be a very important issue, where an employer finding out could lead to loss of a job.
• A licensed insolvency practitioner, who will take responsibility for liaising with your creditors and distributing your contributions on your behalf, will administer your Trust Deed.

How does it work?

• To enter into a Trust Deed you need the help of a licensed Insolvency Practitioner. This is the person who helps you prepare the Trust Deed and is called the "Trustee". This can be facilitated by our in-house insolvency practitioner, Dawson White.
• The Trustee will arrange an appointment with you to go through all details and to sign the Trust Deed.
• To protect a Trust Deed, the Trustee places a notice in the Edinburgh Gazette. Your creditors then have 5 weeks to respond to the Trustee with their decision. The main users of the Edinburgh Gazette are the major lenders and there is no local newspaper advertising.
• If two thirds of your creditors vote in favor, then your Trust Deed will automatically become protected.
• A Protected Trust Deed ensures that you are legally protected from your creditors and they cannot enforce their debt further.

What will happen afterwards?

• If you keep up your payments for the period of the Trust Deed arrangement then your debts will be discharged in full.