Trust Deed Pros & Cons
We believe that all clients must be highly informed about the benefits and implications of a Trust Deed and any possible alternatives, which must be considered before any decision is reached.
For a more indepth analysis of your finances, please call us free on 0808 131 9100.
Trust Deed Pros:
- A single low affordable monthly payment.
- Only 36 months until any remaining debt is written off.
- A Trust Deed is more financially flexible in comparison to bankruptcy (sequestration), as you remain in control of your finances.
- The Trustee will deal with all creditor correspondence regarding your debt .
- Once the Trust Deed has been accepted, no further action can be taken against you by your creditors.
- Your information about the Trust Deed will not be published.
- You will still be able to remain self-employed and hold certain public offices
Trust Deed Cons:
- It will adversely affect your credit rating.
- You cannot be a director of a limited company
- Failing to keep up repayments means that your assets will be at risk, and bankruptcy proceedings may be started against you.
If you feel unsure about how to tackle your debt problems, please do not hesitate to call one of our expert advisors on 0808 131 9100, or fill in the online Debt Wizard form.
Entering into an IVA may adversely affect your
credit rating for up to six years from the date of approval.
Your property will be protected within an
IVA but you may be required to release all or part of any equity during the
period of the arrangement.
Failure to complete the term of an IVA can
result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)