McCoo Money

How Does a Trust Deed Work?

You make fixed monthly payments based on what you can afford.
Your creditors must agree, and once protected, they can’t take further action.
At the end of the term, any remaining unsecured debt is legally written off

Who is Eligible?

To qualify, you must:

Live in Scotland
Owe at least £5,000 in unsecured debt
Be able to make regular monthly repayments

Reduces debt repayments into a single, manageable amount
Stops creditor harassment and legal action
Clears remaining debt after four years

Reduces debt repayments into a single, manageable amount
Stops creditor harassment and legal action
Clears remaining debt after four years

Not sure where to begin?

No worries, we’ll help you make sense of it all.

Be part of the success

(Here are some hypothetical examples of how a trust deed could work)

New Payment

£107/M

Jenny W

£9000 in Debt

Credit cards
Loans
Council Tax

Old payment pm

New Payment

£147/M

John H

£16000 in Debt

Finance
Loans
Overdrafts

Old payment pm

New Payment

£123/M

Jenny Wilson

£13000 in Debt

HMRC
Payday Loans
Credit Cards

Old payment pm

May not be suitable in all circumstances. Fees may apply, Entering into an TrustDeed will affect your credit rating, Any potential disadvantages of entering into an TrustDeed will be explained on application. A debt write off amount of between 25% and 75% is realistic, however, the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.

Customers can get free debt counselling, debt adjusting and providing of credit information services from the MoneyHelper – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from MoneyHelper click here www.moneyhelper.org.uk You can find Government guidance on dealing with your creditors here.