Deed of Trust

Question: Trust Deeds in Scotland... How can it help me?

I am writing this question holding back tears of desperation and frustration as I struggle to cope with my debt. I have around 5000 pounds worth of debt that I am trying to pay off using my small income after all my expenses but I have honestly reached mental breaking point. Even then, I am using my overdraft to pay some of my debts which is not helping my case at all. As I live in Scotland, I want to find out if I can use a Trust Deed to help me. Will I lose my home as the house is in me and my wife’s name if go the Trust Deed route? How does the Trust Deed actually work, and will it help me .We do not have joint accounts. We have 8 month old baby to look after as well. I got into debt because of my low salary and rising cost of living.

Answer: I really sympathise with you as i was in same boat. Now calm down, get to a citizens advice centre if you have one in Scotland ASAP. There are also debt advisory places that will set up a repayment scheme with your creditors. Do NOT enter an IVA agreement as they are a con which i found to more financial loss! As you appear to own your own house you could raise money that way by a loan on the property but if it all goes wrong you could face repossession which you don't want. I was lucky i rented so my house was safe. Do not consider bankruptcy as your house is an asset and can be seized. I hope this is of help to you. Good luck, cheer up. £5000 is not a huge amount you know and you should be able to clear it over time.

Trust Deed Scotland - Scottish Trust Deeds and Debt Advice