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Qualify for a PTD?

What is a Trust Deed?

If you live in Scotland you could write off all the debt you can't afford using Government legislation, known as a Trust Deed

A Trust Deed is a legally binding and formal voluntary agreement which allows your Trustee to take over responsibility for dealing with all of your creditors.

You no longer make payments directly to your creditors. Instead, you make one payment to the trustee who distributes the money fairly between all creditors bound by the scheme.

How does a Trust Deed work?

After the Trust Deed is signed, the Trustee will write to all your creditors. Unless your creditors object, the Trust Deed will become protected, which will prevent your creditors from from taking any further action against you. Generally if the creditors are offered 10% of the amount outstanding they will generally accept the Trust Deed.

Once you have been accepted on a Trust Deed, any correspondence from your creditors should be passed to your Trustee to deal with. Whilst your Trustee will deal with all your unsecured creditors, you will still need to continue to pay your mortgage and any other ongoing living expenses.

The Protected Trust Deed online assessment service is completely confidential and free to
use
, and if you qualify for a Trust Deed we can help you set it up quickly so you can become debt free. Learn more »

Our team of specialists are here to help answer any of your questions about PTDs. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA

 

 
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DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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