The Debt Solutions Expert

Trust Deed FAQs

How long does it take to set up a trust deed?

Once all the relevant information is collected, and due consideration given, a Trust Deed can be set up immediately.

How does a Trust Deed become protected?

Immediately following the signing of the Trust Deed, your Trustee will place an advert in the Edinburgh Gazette. This is a government publication which is not available in retail outlets. Your Creditors have five weeks from the date of the advertisement to object to the Trust Deed.

A Trust Deed will automatically become protected unless your Trustee receives written objections from the majority of your Creditors or Creditors representing at least one–third of your debts.

If insufficient objections have been received your Trustee will submit an application to have the Trust Deed registered in the Register of Insolvencies at which time it will become a Protected Trust Deed.

What happens if the Creditors object and the Trust Deed does not become protected?

Should your Creditors object to your Trust Deed becoming "Protected" then you can choose a Debt Management Plan or apply for bankruptcy (sequestration).

What does it cost?

We do not charge for advice and we do not charge if your Trust Deed proposal is rejected by the Creditors you owe money to. In a Trust Deed all you pay is the amount you can realistically afford. This is all you have to pay as long as you maintain the monthly payments. We will deduct our fees from these payments - everything else is paid to your Creditors.

Will I have to tell my employer?

No. A Trust Deed is a private and confidential matter between you, your Trustee and your Creditors. We will not contact your employer. However certain employees will be found to have breached their contract if they have signed a Trust Deed or other formal debt arrangement scheme. Please contact Carrington Dean for more specific information.

Am I eligible for a Trust Deed?

A Trust Deed is only available to individuals who are residents of Scotland, and have lived in Scotland for at least six months prior to their application.

Do I need a minimum level of debt to be considered for a Trust Deed?

There is no minimum level of debt for Trust Deed applicants but as it is a legally binding formal arrangement, it is best suited for individuals with high levels of debt. Trust Deeds, as with all forms of debt solutions, are specific to your individual circumstances. The appropriateness is based on numerous considerations – please contact Carrington Dean for more information as to which of our debt solutions will suit you best.

Can I cancel my Trust Deed once it has been set up?

As a Trust Deed is a legally binding contract. You cannot cancel your agreement once you have signed the Trust Deed. Ensure that you fully understand all the terms and conditions of your Trust Deed. If you have any questions please do not hesitate to contact an advisor for more information on freephone 0800 019 5696.

Can I arrange my own Trust Deed?

No. A Trust Deed must be arranged by a licensed Insolvency Practitioner.

What happens if I am unhappy with my Trustee?

If you are unhappy with your Trustee it is very important that you talk to them. Your Trustee is the person who will decide whether or not you have met your obligations and whether you will be discharged from your debts.

All Trustees must be members of an approved governing body. Your Trustee will give you details of their governing body and you can contact them if you are unhappy with the way your Trustee has dealt with your Trust Deed. Please refer to the useful links section for details of the governing bodies in the UK.

For more information please click here to download our Protected Trust Deeds Brochure.

If you have any further questions please do not hesitate to contact us on freephone 0800 019 5696.