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Trust Deed FAQ


Does a Trust Deed cost anything?

  • In Short the answer is no, as there are no upfront costs in setting up a Trust Deed. If you start your Trust Deed, your Trustee's fees and other expenses will be paid from the estate transferred by the Trust Deed or from your income. If you have insufficient income or assets it is unlikely that a Trust Deed will be the correct solution for you.

What about my assets like cars and furniture?

  • You are allowed to retain all basic household items. You can keep your furniture and TV. You can retain your car as long as it is not of high specification and value, and if you need it for work or family purposes. If it is of high value, you will be made to downgrade as part of your Trust Deed.

Will my home have to be sold?

  • It is extremely unlikely that your home will be sold, unless you agree to it. If you have enough equity in your house, it is usually possible to release it without having to sell your house as part of your Trust Deed.

Can I cancel a Trust Deed?

  • No a Scottish Trust Deed is a legally binding process and you cannot cancel if you change your mind once it is in place.

Call FREE today on 0800 015 3135 or to try our FREE Debt Test click here

How long will a trust deed last?


A Trust Deed usually lasts for three years.

How long does it take to set up a Trust Deed?

This can vary but it usually takes up to 6 weeks.

Will a Trust Deed affect my credit rating?


Yes, you should expect a Trust Deed to have an adverse affect on your credit rating, but you should also expect this to have been affected if you have missed any payments.

Do creditors have to accept a Trust Deed?


No, only those creditors who agree to its terms, but it will only fail if more than 33% of your creditors (represented debt) object in writing within 5 weeks of receiving notification of the Trust Deed.

Can I have a bank account?


Yes, although the bank account should be a basic account which offers you no credit or lending facilities. This includes the Evolution Bank Account.

Is there anything else I can or cannot do?


You can act as a director of a limited company, if the company's articles of association are changed to reflect this.

Speak to a Direct Debt Solutions advisor free on 0800 015 3135 and we'll advise which debt solution would best suit your debt problems or take the Express Debt Test now and find out which solution is best for you.

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Direct Debt Solutions is a registered trading style of Blair Endersby Ltd. Blair Endersby Ltd is registered in England and Wales under registration number 03849301. Registered office address, City Wharf, New Bailey Street, Manchester, M3 5ER. Registered under the Data Protection Act 1998 Licensed under the Consumer Credit Act 1974 No. 0480389. Our Insolvency Practitioners are licensed by the Insolvency Practitioners Association.

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