How long does a Scottish Trust Deed usually last?
Many Trust Deeds run for around 48 months, although the exact term can vary depending on your circumstances, payment level, and whether any changes are agreed during the arrangement.
Can I keep my house in a Trust Deed?
Sometimes yes, but homeowners should be especially careful. Your trustee will review any equity in your property, and the amount of available equity can affect what options are suitable for you.
Can I keep my car?
Often yes if the vehicle is modest and genuinely needed for work, caring responsibilities, or daily life. High-value vehicles may be treated differently.
Will a Trust Deed stop creditor pressure?
Once a Trust Deed is properly set up and especially once protected, it can provide legal structure and reduce direct creditor pressure for included debts. Some contact may still continue briefly while records update.
What if my income changes?
You must tell your trustee quickly. Your payment may increase if your disposable income rises, or it may be reduced or reviewed if your circumstances worsen.
What if I miss a payment?
Contact your trustee immediately. One missed payment does not always mean failure, but ignoring the issue can put the arrangement at risk.
Can I get credit while in a Trust Deed?
Credit can be restricted and should be approached very carefully. Always check the terms of your arrangement and avoid unaffordable borrowing.
What debts can usually be included?
Typical included debts may include credit cards, loans, overdrafts, catalogues, and other qualifying unsecured debts. Secured borrowing is usually treated separately.
Will all my remaining debt be written off at the end?
If you successfully complete the Trust Deed and comply with its terms, remaining qualifying unsecured debts included in the arrangement may be written off.
Is a Trust Deed the same as bankruptcy?
No. A Trust Deed is a different formal debt solution in Scotland. For some people it may be an alternative to sequestration, but it is not the same process.