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TRUST DEEDS BY THE EXPERTS AT CDM FINANCIAL

THE FIRST STEP TO A STABLE FUTURE

May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

YOUR LOCAL, TRUSTED SPECIALISTS

It can feel stressful and embarrassing when you hit hard financial times, especially when you have a family to support. Seek help from your local, trusted specialists at CDM Financial today! We understand that getting into debt is not always preventable, especially during these uncertain financial times. One solution you might want to consider, is a Trust Deed.

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A Protected Trust Deed (Trust Deed) is a formal, legally binding agreement between you and your unsecured creditors.  It is only available to people who live in Scotland.  A Trust Deed allows you to set up an affordable repayment plan with the unsecured creditors included in the Trust Deed over a set period of time (typically over 4 years).

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The information given by CDM Financial is free however if you decide to proceed with a Trust Deed, there are fees applicable. These fees are included in your affordable monthly repayment and not on top of.  

May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

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May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

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WHAT ARE THE BENEFITS AND RISKS FOR YOU?

BENEFITS OF A TRUST DEED

  • One affordable monthly payment made to Insolvency Practitioner over a fixed period of time generally 4 years

  • Creditors consent is required to approve a Trust Deed, as long as 33% of your creditor value do not object you will be Protected

  • Following approval of a Trust Deed, people you owe money to cannot take further action to enforce the debt, and all interest and charges are frozen

  • The costs are deducted from the payments you make each month NOT over and above

  • Any outstanding balances from qualifying unsecured debts, owed at the end of the successful term are written off

  • You cannot be forced to sell your property whilst subject to a Protected Trust Deed

  • The treatment of any available equity in your property is agreed upon before signing a Trust Deed and will not be changed during the term.  

RISKS OF A TRUST DEED

  • Approval of a Trust Deed is not guaranteed, people you owe money to may reject

  • There are costs associated with a Trust Deed

  • Your credit file can be affected for 6 years

  • Your information is placed on the Insolvency register which is a public register

  • If the Trust Deed fails, you could face Sequestration and any interest that was suspended could be added to your debt

  • Restrictions on expenditure apply

  • Debts not included within the Trust Deed will remain outstanding

  • If you are required to re-mortgage to release equity in your property, this may attract higher interest rates.

  • There are restrictions on your expenditure when entering into a Trust Deed

  • Only unsecured debts included within the Trust Deed will be discharged at the end of the term, unsecured debts not included remain outstanding.

Discuss our Trust Deeds for clients in Scotland today!

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