Your Trust Deed Journey starts here
Welcome to Carrington Dean – Scotland’s debt specialists.
You’ve taken the first step to making positive changes to your financial future, now let’s look at what’s next in your Trust Deed journey.Sign your proposal
You’ll be sent your Trust Deed proposal via email to sign electronically. It’s important you read this carefully and return it as soon as possible to allow us to progress your application.
Change your bank
Your expert advisor will let you know if you need to change banks before proceeding with the application.
You may be asked to do this if you owe money to your existing bank and it’s often the simplest way to stop creditors taking money while we set up your arrangement. If you’re asked to switch it’s important to do so as quickly as possible.
Advertising and sharing your Trust Deed
For your Trust Deed to be approved and protected (in other words, legally binding), your proposal has to be reviewed and signed off by a majority of your creditors – the people you owe money to.
Once you’re happy with the Trust Deed proposal we’ve put together, we’ll share it with your creditors and give them the chance to offer feedback.
We’ll also advertise your Trust Deed in the Edinburgh Gazette – a newspaper used by the credit industry. This means organisations like banks and credit reference agencies.
Creditor deliberation period
As soon as we’ve shared your proposal with creditors and given them notice of the deadline for the feedback, you’ll receive an email and an app update from us confirming that your proposal has been shared, and notifying you of the deadline for any objections.
This process can take up to five weeks so if things go a little quiet during this time don’t worry. Just as we’ll stay in touch with your creditors during this time, we’ll also keep you in the loop with any updates.
How does a Trust Deed become protected?
Your Trust Deed will become protected if the majority of your creditors agree to the proposal.
As mentioned, we’ll write to your creditors asking them to agree to the terms of your Trust Deed and they’ll be given five weeks to respond.
If we receive notice in writing that the majority of creditors, or no less than one third in value, object to your Trust Deed becoming protected, unfortunately it won’t be protected. If this happens we’ll talk you through alternative options that could help.
Creditors who don’t respond will be treated as if they have agreed.
What happens after the decision is made?
Next steps depend on the outcome of the meeting.
If your proposal is approved we’ll email you to let you know the good news. You’ll also receive your proposed repayment plan and your Trust Deed can become legally binding. You’ll start making monthly contributions after this.
If your arrangement is rejected, we’ll call you and talk you through all the options available to you. As mentioned this could be re-submitting your proposal or potentially looking at alternative debt solutions that you may benefit from. The most important thing is not to worry, we’re still here to help.
Frequently Asked Questions
Still have questions? That’s OK, you’re not the only one. Check out some of the most common questions we’re asked about the Trust Deed journey.
When your debt solution’s all set up, the fees to cover your Trust Deed will be taken from the monthly amount you pay to your creditors. Don’t worry – that fee is included in the monthly amount that’s been proposed. Everything’s covered by that figure, and we won’t take any money from you upfront.
If you’ve been asked to switch bank accounts, it could be because you’re already in debt to your existing bank, and it’s often the easiest way to prevent your creditors taking money while we get your proposal underway. Setting up a new account doesn’t have to be a hassle – with some accounts, you can organise the switch in a matter of minutes.
A Trust Deed is designed to help you budget your income and get out of debt, for good. Taking out more credit will only set you back – and we want to give you every chance to stick to the plan.
Until you sign your proposal and your Trust Deed is approved your creditors are still allowed to contact you. Once your Trust Deed becomes protected, you can’t be pursued for the debts included and you’ll be safe from legal action. We’ll contact creditors on your behalf to let them know.
A typical Trust Deed takes 4 years to complete. When you consider that the average credit card debt takes 26 years 7 months to pay off (making just the minimum payments), you’ll see why a Trust Deed can be a lifeline for those who want to get out of debt sooner rather than later.
If a friend or family member has offered to pay off your debt for you, we can still help. We’ll set up what’s called a ‘full and final meeting’ on your behalf. This will allow you to pay a lump sum to all your creditors, and write off the rest.
