When it comes to selecting a company to help you with your Trust Deed there are plenty to choose from. At last count there were over 50 Insolvency Practitioner firms in Scotland that had registered a Trust Deed during the year. This mean you have a choice over which Trust Deed company you choose.
If you are not sure whether a Trust Deed is right for you, then speak to Debt Support Trust today on 0800 085 0226 or complete the debt analyser.
How to Decide on your Trust Deed Company
There are various routes to decide which Trust Deed company you want to proceed. A Trust Deed is a legally binding agreement you make with your creditors (the people you owe money to) so that you can repay what you can afford, often over a 4 year period. Any remaining debt after the four years is written off.
To proceed with a Trust Deed you need an insolvency practitioner. The Insolvency practitioner acts as your Trustee and they propose your Trust Deed for you. If accepted, they then manage your debt solution until its conclusion.
As previously mentioned, there are different Trust Deed companies offering their services on your behalf.
1. Check reviews: The internet is full of reviews of Trust Deed companies, both good and bad, so use these to make an informed decision.
2. Speak to different companies: There is no harm in speaking to different companies to get a feel for how they will help you.
3. Recommendations: With over 7,000 people entering Trust Deeds every year in Scotland, there may be friends and family members with experience of a suitable company
4. Ask us: Debt Support Trust is a registered charity providing debt advice and we help people enter Trust Deeds too, where applicable. We can support you through the process of getting a Trust Deed approved.
Factors In Choosing a Trust Deed Company?
There are different factors you can consider when choosing a Trust Deed company. These factors will help you
People: Entering a 4 year debt solution means you’re tied to one company for a significant period of time. For this reason it’s important to know the people managing your Trust Deed.
Price: The monthly payment for your Trust Deed could vary slightly. Most companies completing the income and expenditure will get your disposable income around the same price.
Fees: Trust Deed companies can charge for their services and take their money out of the money repayments. The fees they take do vary though so it could be beneficial to speak to a company with lower fees.
Time: The speed at which your Trust Deed is drafted and proposed is important. The faster the company works on your behalf the better.
Scotland Debt Solutions
Before you proceed with a Trust Deed we always recommend speaking to a not for profit charity to ensure you’re entering the right debt solution and another option would not be more suitable. There is also a debt arrangement scheme and bankruptcy in Scotland to consider.
If you want any help with your debts then our charity Debt Support Trust would be glad to help you.
For confidential advice, call 0800 085 0226.