Writes off the unsecured debt you can't afford after three years
Call us on 0800 970 7673
Find out more about the fees involved with each debt solution.
Download the Insolvency Service guide to dealing with creditors.
Here is an example of how a Trust Deed could make your debts more manageable.
| Credit card | £21,000 |
| Personal loan | £3,000 |
| Store card A | £4,000 |
| Store card B | £3,000 |
| Total owed | £31,000 |
| Once Trust Deed is in place: | |
|---|---|
| New repayments | £244 |
| New repayments | £8,800 |
Repayments are based on affordability and vary from case to case.
Call us on 0800 970 7673or fill in our simple form to receive a free no obligation call back from one of our friendly, experienced advisers.
During a Trust Deed, your unsecured debt repayments will be rolled into a single affordable monthly payment. You'll only pay as much as you can afford after you've covered your bills and other living costs.
On successful completion of your Trust Deed, any unsecured debt you haven't been able to repay is written off for good.
In most cases, a Trust Deed lasts three years - so you'll have a clear date for becoming free of the debts included in the arrangement. You'll be expected to make a payment every month during this time.
We can help you apply for a Trust Deed. Just call us on 0800 970 7673 to discuss your options, or fill in the call-back form at the top of the page and we'll get in touch with you.
However, keep in mind that you'll only be eligible for a Trust Deed if you really need it. Your lenders are only likely to accept a Trust Deed if they can see you won't be able to repay your unsecured debts in full within a reasonable period of time under your alternative repayment arrangements. At the same time, you must be able to commit to regular monthly payments.
There are a few disadvantages to consider before you go ahead and apply for a Trust Deed.
Firstly, it will have a significant impact on your credit rating. This could make obtaining further credit more difficult for six years.
Also remember that because you'll be expected to pay as much as you can throughout your Trust Deed, you'll be left with very little money for anything except your essential living costs.
And although you'll be able to stay in your home, homeowners who enter a Trust Deed may be required to release equity from their home as part of the arrangement.
But keep in mind that the consequences of not getting the help you need could be even more serious.