Starting a Trust Deed

The first step is usually a brief telephone discussion to establish a basic understanding of your financial position in order to make an initial determination as to your suitability for a trust deed. If a trust deed appears to be a possible solution, you will be asked to attend a meeting with a member of the Trustee's staff. Should you live in one more remote areas of Scotland, this meeting can be conducted over the telephone.

Infomation Required for a Trust Deed

You will be asked to take various pieces of information and documentation to your meeting with a member of the trustee's staff. This information and documentation will include photographic identification, details / statements / letters from all creditors, recent wage slips, details regarding any property, vehicles, insurance polices or any other assets you may have.

You need to provide details of all of your debts both secured and unsecured. These will include bank loans, credit cards, store cards, council tax etc. You will also need to provide a recent statements or details of account numbers.

Infomation Required About Assets

You need to provide details of all of your assets. These will include property, both at home and abroad, life insurance policies, vehicles, savings or bonds etc. The trustee is duty bound to establish the value of any assets.

Infomation Required About Income & Expenditure

The Trustee is required to assess your income and expenditure in order to determine whether you have a disposable income that may be used as a contribution to your creditors. It is important to note that a trust deed can be based on disposable income only, assets only, or a combination of both.

Trust Deed Proposal

A proposal will be formulated by the Trustee from the information provided regarding your assets, debts, income and expenditure. This proposal will outline to you and your creditors the funds that will enter the trust deed, how those funds will be distributed amongst your creditors and the Trustee's fees and costs.