Trust deed
A trust deed is a formal agreement between you and your creditors where you make reduced payments to your debts.
A trust deed usually lasts for four years. Once it’s completed, your unsecured debts will normally be written off.
Trust deeds are not available if you live in England, Wales or Northern Ireland. In these countries, an individual voluntary arrangement (IVA) is a similar solution, but it’s important to note that it has different benefits, risks and fees associated with it.
What is a trust deed?
A trust deed is a voluntary agreement with your creditors to repay part of what you owe them.
A trust deed transfers your rights to the things you own to a trustee who may sell them to pay your creditors part of what is owed to them. A trust deed will normally include a contribution out of your income, usually for four years.
Your trustee must be a qualified insolvency practitioner (IP). Insolvency practitioners are regulated by law and must be members of an approved governing body.
An ordinary trust deed is not binding on creditors unless they agree to its terms.
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McMoo Money – Your debt consolidated without a loan
Copyright ©2019 McMoo Money All Rights Reserved
McMoo Money is a trading style of Funding Plus
Tel: 0131 564 0728 | 0141 255 2126
9-10 St Andrew Square, Edinburgh EH2 2HF
McMoo Money – Your debt consolidated without a loan
Copyright ©2019 McMoo Money All Rights Reserved
McMoo Money is a trading style of Funding Plus
Tel: 0141 255 2126
9-10 St Andrew Square, Edinburgh EH2 2HF