Apply online - Ashley Park: Trust Deed
Trust Deeds are available for Scottish Residents only
Trust Deeds - What are they?
A Trust Deed is an alternative to Bankruptcy or Sequestration which is only available to residents in Scotland. It is a legally binding agreement which allows a debtor to reduce their debts and existing payments with creditors through the use of a third party, a trustee.
A Trust Deed transfers the assets of the debtor into the hands of the trustee for the benefit of creditors. A trustee must be a qualified and licensed insolvency practitioner.
When you apply for a Trust Deed, Ashley Park will calculate your total debts, your current income and expenditure levels and what you can currently afford to pay per month.
Based on this figure a new repayment will then be proposed to your creditors. Once accepted your debts will then be consolidated into one reduced affordable monthly repayment.
A Trust Deed usually lasts for 3 years, on completion any creditors who have agreed to the Trust Deed will consider your debts settled regardless of whether there is still debt outstanding. During the term of the Trust Deed creditors can be prohibited against taking legal action and interest on your debts can be frozen.
APPLY ONLINE NOW or CALL 0800 043 3535
* Conditions Apply: Subject to eligibility.
Debt write off applies only where an IVA is suitable, adhered to and at the end of 60 months and applies to unsecured debts included in the IVA. Alternative solutions may be offered.
Failure to adhere to an IVA can result in bankruptcy.
An IVA is a formal legal agreement and will affect your credit rating for up to 72 months after completion. Homeowners may be required to re-mortgage in the 4^th year of the IVA. Fees apply and will be notified to you in advance.
