What if my creditors don’t agree to a Trust Deed?

At this point you probably feel like you’re being harassed by you creditors, Multiple calls a day, numerous letters through your door, but it may surprise you to learn that your creditors will be willing to work with in getting the debt resolved.

Many creditors are fairly sympathetic to individuals struggling with debt, and where possible will want to help you with your situation in order to recover as much of their debt as possible.

So long as you are up front and honest with them from the start about your financial situation, in most cases they accept less than what you owe if that is all you can afford and as long as they are satisfied that you will keep to any agreement.

Creditors tend to prefer the option of a Trust Deed over Sequestration (bankruptcy), as Sequestration is costly, time consuming and the end result means that a lot of the money raised from a Sequestration is used to cover professional fees, meaning that the creditors themselves receive less. In most cases creditors much prefer to resolved the situation with a Trust Deed over Sequestration.

A Protected Trust Deed offers the simplicity of a repayment arrangement between yourself and your creditors with legal backing, without the high cost and low returns of a sequestration (bankruptcy).

Your creditors will welcome a Protected Trust Deed where appropriate, as an effective resolution to the situation that you find yourself in.

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About Trust Deed.org

TrustDeed.org was launched to help provide debt information and guidance for people living in Scotland.

We know that being heavily in debt can significantly affect your quality of life. But TrustDeed.org aims to help to relieve some of the burden by giving you the right tools and information you need to begin reducing your monthly repayments.