Write Off Unaffordable Unsecured Debts
With A Scottish Trust Deed...
Trust Deed Pros and Cons
Understanding the pros and cons of any financial product is vital in order to establish the best route to financial freedom. Before you decide to go ahead read our comprehensive list of the pros and cons associated with Scottish Trust Deeds.
1.Free from debt pressure in 48 months or less
Unlike an IVA, The Trust Deed programme lasts only 48 months (4 years). If you owe £5,000 to a credit card company with an average interest rate of 27% APR your minimum repayments would be around £110 per month. Approximately £82 of this will be going on interest which means it would take you nearly 14 years to repay.
2.No UPFRONT setup fees
We do not charge upfront fees for the setup of a Scottish Trust Deed, although fees do apply. See here for more information.
3.Write off unaffordable debts
A Trust Deed is a legislated debt solution meaning you can write off unsecured debts which you can not afford to repay. Consolidate all your unsecured debts and pay only one payment each month as apposed to several different payment to different creditors.
4.No legal action
As long as you keep up the repayments, your creditors cannot take legal action against your once you have entered into a Trust Deed meaning there will no court attendances.
5.Instantly reduce your monthly outgoings
Reduce your monthly unsecured repayments down to as little as £150 Protect assets from repossession Protect your home and car from repossession once the Trust Deed has become protected..
1.Your credit rating will be affected
By entering into a Trust Deed will affect your credit rating, but the likely hood is if you have been struggling to pay your debts and missing repayments it has already been affected so it wouldn't really make any difference.
2.You may struggle to get further credit in the future
You may find it harder to obtain further credit in the future but if you have been struggling with your debts for some time it is highly unlikely that you will want to get into further debt again!
3.Some occupations need approval
Some specific occupations may need approval from your creditors, i.e. If you work in the financial sector. Contact Us for clarification on this.