Scottish Trust Deed In Fife

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.

Free debt counselling, debt adjusting and providing of credit information services is available to customers by contacting MoneyHelper.

Debt statistics

During 2022/23, consumers in Scotland added £35.1 billion to their debt.

The average credit card debt per household in £2,394, the average unsecured debt is £4,087, and total debt is £65,756, including mortgages.

There are lots of options to help you get your debts under control, the most popular option being the Scottish Trust Deed.

Can Fife Residents Apply For A Scottish Trust Deed?

Yes, any resident of Scotland can apply for a Scottish Trust Deed.

A Trust Deed is a formal arrangement made on your behalf to settle your debts and produce a schedule to pay them off.

Scottish Trust Deeds are binding legal contracts designed to help you pay off your debt in an affordable way, often allowing you to write off some of the debt at the end of the solution.

How to qualify for a Scottish Trust Deed

To enter into a Scottish Trust Deed in Fife, you must:

• Owe at least £5,000 in unsecured debts
• You must owe money to at least 2 creditors
• You must be able to afford at least £100 per month towards your debts

An approved Scottish Trust Deed becomes protected if creditors representing a minimum of 67 percent of your total creditors agree to the proposal.

Scottish Trust Deed Pros and Cons

Pros

• Protected against legal action for the recovery of the debts
• Make one, affordable monthly payment
• Creditor contact will reduce
• Freeze interest, fees and charges
• Potentially write off a portion of the debt

Cons

• Your credit rating will be affected for a period of six years
• Creditors may object, causing the proposal to fail
• Equity in your property may have to be realised for the benefit of your creditors, subject to individual circumstances

Apply for a Trust Deed today

You can apply for a Scottish Trust Deed today. Simply contact Scottish Trust Deed today.