Trust Deed Disadvantages
Debt solutions, including Trust Deeds, often have both advantages and disadvantages. You should be aware of the Trust Deed disadvantages so you can make an informed decision about your debt solution.
Always seek expert advice when deciding upon a debt solution. Our Trust Deed advisors will be able to tell you all the Trust Deed disadvantages you need to be aware of - call now on 0800 048 1752.
Disadvantages of a Trust Deed:
Some Trust Deed disadvantages which you may need to consider include:
- Any existing arrestments or diligences will still be effective, so it is important to fully disclose all financial information.
- You cannot be a director of a limited company
- It will affect your credit rating.
- If you fail to keep up repayments then your assets may be at risk, and bankruptcy proceedings could start against you.
If you still feel unsure about whether these Trust Deed disadvantages may outweigh the advantages, or you are looking for another way to tackle your debt problems, please do call one of our expert Trust Deed advisors on 0800 048 1752.
Unsecured debts and Scotland residents only. A PTD should only be considered in extreme circumstances as failure to adhere could result in Sequestration (The Scottish legal term for Bankruptcy). Debt write off applies only where the PTD is agreed by your creditors and you have completed the, typically, 36 month term. Once your PTD commences, your monthly contribution is fixed and that is all you have to pay. There are no additional fees on top. The fees, paid by your creditors, are taken out of your monthly contributions to your PTD and will be notified to you in advance. Some homeowners may be required to remortgage. Terms & Conditions Apply.