Sheriff Officers
Trust Deed FAQs
If you've got questions about Trust Deeds, chances are they will be answered here. If you can’t find the information you’re looking for, however, or you’d rather communicate with a real person than a computer, all you need to do is contact us.
How much will my monthly payments be?
This depends upon how much you can afford. At the beginning of the process your debt adviser will go through your income and expenditure with you on the phone, and agree how much you would feel comfortable paying each month. Why not try our Debt Solution Calculator for an initial guide on what your Trust Deed monthly payments could be?
Will I lose my house, car, or job?
One of the advantages of the Trust Deed is that you do not lose your house. However you may need to release some equity from the house as part of the Trust Deed. This would always be affordable and must put you in a better financial position than you were before. You will not lose your car unless it is extremely luxurious, and you will not lose your job unless your contract specifically says so, which is highly unusual.
How long does the Trust Deed last?
Typically 3 years. This period may occasionally be lengthened if you have equity in your property but would prefer to pay the Trust Deed for longer rather than remortgage.
Will I have to go to court or have a face-to-face meeting?
You will not have to go to court. However, you will need to have a face-to-face meeting with your Insolvency Practitioner or their representative. This usually takes the form of a home visit. Otherwise the entire process can be done by telephone and post.
What if I lose my job half-way through?
In cases of financial emergency you may qualify for a payment holiday. Then you can pick up where you left off a few months later. If you lose your job permanently and you can not afford to continue the Trust Deed, further negotiations can be carried out with the creditors - they may accept what you have paid so far and conclude the Trust Deed.
What will happen to my credit rating?
This will be damaged for six years, then it will repair until it is normal again.
Is the Trust Deed private and discreet?
The Trust Deed is far more private and discreet than sequestration, and involves little or no stigma. There is no publicity involved, your tax code remains the same, and it is very unlikely anyone should find out. However it is possible for members of the public to search for you on the Insolvency Register to find out if you are in a Trust Deed.
What if my Trust Deed is rejected?
You are returned to the position that you are in now. You are not forcibly made bankrupt. You may propose the Trust Deed again. We will provide all the advice and support that you need during this time, and make sure that we see you safely into an effective debt solution.
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Solution: Trust Deed
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