A trust deed is a legal process for residents of Scotland with a significant debt problem, normally over £10,000.
On agreement your creditors accept a reduced offer of repayment in full and final settlement of their debt.
Payments are normally made for a 3 year period, following which the remainder of your debt is written off.
All interest and charges on your account are frozen.
Your account is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liasing with your creditors and distributing funds on your behalf.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.