Apply online and become debt free - 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.