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Scottish Trust Deeds

Easierdebt are a company dedicated to making your debts more manageable each month.

"Combine your debts into one affordable monthly payment with our Debt Management Programme."

At Easierdebt, we understand debt. We know how easy it is to slide into unmanageable debt, but most importantly, we know how to get you out of debt.

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What is a Scottish Trust Deed?

A Scottish Trust Deed gives you the opportunity to make a formal proposal to your creditors in order to clear your debt. This should not be confused with the less formal and less conclusive Debt Management Plan (DMP).

Is a Scottish Trust Deed for me?

Yes, if you live in Scotland and are struggling with high levels of debt.
No, if you are in debt with loans secured against your property. Take a look at the other options.

A typical Trust Deed would consolidate all of your unsecured debts into a single and more affordable monthly repayment over a period of 36 months, which is then paid to creditors on a pro-rata basis. The amount payable to creditors is determined by the amount you can reasonably afford to pay after your normal cost of living has been deducted from your income, taking into account your assets and liabilities. This will ensure that you don’t get into arrears or miss paying any of your priority commitments.

In order to enter into a Trust Deed, your proposal is drafted with the help of a licensed Insolvency Practitioner, known as a trustee. The trustee acts as an honest broker between you and your creditors to ensure that the proposal being drafted is realistic and fair to everyone involved. When the proposal is finished, a draft copy is sent to you for approval.

All creditors are informed about the proposals being made and if no creditors with claims of more than a third of the total debts vote to reject the proposals, the Trust Deed becomes protected and therefore legally binding on all of the creditors.

When a Trust Deed is ‘protected', creditors must stop any further interest from accruing on their outstanding debts. The trustee becomes a supervisor, monitoring the Trust Deed’s progress and making sure that its terms and conditions are followed properly. Providing you keep to these terms, your debts will be considered settled in full when the 36 months are over. Any outstanding balances are written off, and you can make a fresh financial start.

Debt Management Plans Explaination of costs/fees and affect on your credit rating:

You will pay to us the first two monthly payments on the dates specified, this will be our programme set up fee and not paid to creditors.This charge is for our programme set up costs which include compiling financial statements, proposals to creditors in writing and phone calls. This may affect your credit rating and will put you further in arrears. Each month thereafter we will charge you 15% of the agreed payment amount or a minimum of £30.00. All fees charged are VAT exempt.

Insolvency Service: In Debt? Dealing with your creditors

Cooling off:

If you deem that the programme is not providing you benefit you are entitled to cancel at any time giving us notice. If the initial fee has been received, we will only refund this if the programme has been cancelled in writing within 14 days since receipt of this money and this period cooling off time to reconsider. If you wish to cancel your programme but the monthly
payment to your creditors has already been made we will be unable to refund any monies to you. You may cancel the programme at any time and be entitled to a refund of any monies held by us that have not yet been sent to your creditors in the form of a payment, minus the monthly management fee, which will be retained by us for work undertaken on your behalf.
You may cancel the programme at any time by giving notice in writing to us. Our authority to deal with your creditors will be rescinded. Your creditors may revert back to the original terms of your contract with them.