Your Trust Deed journey
We’re here for you
At Carrington Dean, we understand that being in debt can be overwhelming and stressful. We’re here to help you turn your unaffordable debts into affordable monthly payments through a Trust Deed.
team of debt specialists will guide you through every step of the Trust Deed process, so you can feel confident in your journey towards financial freedom.
Helpful guides to get you started
Entering a Trust Deed: your step by step guide
Understanding your proposal
How to sign your proposal
What is the Register of Insolvencies and will my Trust Deed appear on it?
What’s the difference between a protected and unprotected Trust Deed?
Need some help?
If you have questions about your Trust Deed, you can start a live chat and connect with one of our advisors today.
Benefits of a Trust Deed
A Trust Deed is a legally binding agreement between you and your creditors that allows you to repay your debts through a series of affordable monthly payments.
Once the Trust Deed is approved, your creditors are legally bound to the terms of the agreement and cannot take any further action against you. There are many benefits to a Trust Deed that make it the most popular debt solution available in Scotland.
- You only make one monthly payment, which is distributed among your creditors
- Your creditors cannot contact you directly or take any further legal action against you
- You can avoid bankruptcy and protect your assets, such as your home and car
- Your remaining debts will be written off at the end of the arrangement
What happens during a Trust Deed
During the Trust Deed, you’ll make a single monthly payment to Carrington Dean, who will distribute the funds to your creditors. We’ll handle all communication with your creditors, so you don’t have to worry about any further contact from them.
It’s important to keep up with your monthly payments and let us know if there are any changes to your financial situation. If you miss payments or don’t comply with the terms of the Trust Deed, it could be cancelled and you may be at risk of legal action from your creditors.
Completing a Trust Deed
To successfully complete a Trust Deed, you must make all of your monthly payments for the agreed-upon term (usually four to five years). Once you’ve completed the payments, any remaining unsecured debt is written off.
At the end of the Trust Deed, we’ll provide you with a certificate of discharge, which confirms that you’re no longer liable for the debts included in the Trust Deed.
Life after a Trust Deed
Rebuilding your credit score and managing your finances after a Trust Deed can be challenging, but Carrington Dean is here to help.
We offer resources and support to help you get back on track, including debt management advice and access to exclusive deals from financial services companies.
What our customers are saying
Frequently Asked Questions
Yes, your credit rating will be negatively impacted during the Trust Deed. However, once the Trust Deed is completed and any remaining debt is written off, you can start rebuilding your credit score.
If you miss a payment, it’s important to let us know as soon as possible. We’ll work with you to find a solution and avoid any further consequences.
You can include most unsecured debts in a Trust Deed, such as credit card debt, personal loans, and overdrafts. However, there are some debts that cannot be included, like secured debts (i.e. your mortgage) and student loans.
Yes, once the Trust Deed is approved, your creditors are legally bound to the terms of the agreement and cannot take any further legal action against you. They will also stop contacting you directly – all communication will be handled by Carrington Dean, however it can take a few weeks for news of your arrangement to register with creditors.
If your financial situation changes during the Trust Deed, it’s important to let us know as soon as possible. We can work with you to find a solution and make any necessary adjustments to your Trust Deed payments.
The exact length of a Trust Deed can vary depending on your individual circumstances, however most Trust Deeds typically last for four to five years.
We’re with you every step of the way
We understand that the Trust Deed journey can be daunting, but at Carrington Dean, we’re here to support you every step of the way.
From applying for the Trust Deed to completing the payments and rebuilding your credit, we’ll provide you with the guidance and resources you need to achieve financial freedom.
If you have any questions on beginning your Trust Deed, you can start a live chat and connect with one of our advisors today.
