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What is a trust deed?

Trust deeds are voluntary agreements between you and your creditors where you agree to pay back regular amounts towards your debts for a fixed period of time. At the end of this period, the remainder of your debts will be written off.

If creditors agree to the terms of a voluntary trust deed it then becomes protected.  This means it is binding on creditors and they can no longer pursue you for the debts, or take further action.

Key facts of a trust deed

  • All assets are passed to a trustee, who will look after your financial affairs
  • Some of your assets may be sold to raise money for your creditors
  • Trust deeds can be protected, which means they’re binding on all creditors
  • Suitable for those with debts of £5,000 or more
  • You should receive no contact from creditors, only dealing with your trustee
  • No more enforcement action can take place

Who can apply for a trust deed?

Trust deeds may be a viable debt solution for you if you have debts of £5,000 or more, if you make sufficient money to meet regular payments and if you have assets (such as investments, savings, a house or a car) that can be sold to raise money for creditors.

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£5,000

Trust deeds can be helpful for people with debts of £5,000 or more, allowing them to regain control of their financial situation.

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4 years

Trust deeds usually close after four years, with the majority of your debts then written off so you no longer have to pay them back.

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6 years

Trust deeds will affect your credit score for six years from the date the deed begins. This may make it more difficult to access credit, such as loans or a mortgage, in the future.

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Assets

You may be required to sell some of your assets, such as your home or other belongings, in order to raise funds to settle your debts with.

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£5,000

Trust deeds can be helpful for people with debts of £5,000 or more, allowing them to regain control of their financial situation.

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4 years

Trust deeds usually close after four years, with the majority of your debts then written off so you no longer have to pay them back.

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6 years

Trust deeds will affect your credit score for six years from the date the deed begins. This may make it more difficult to access credit, such as loans or a mortgage, in the future.

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Assets

You may be required to sell some of your assets, such as your home or other belongings, in order to raise funds to settle your debts with.

What happens next?

If we find that you are eligible for a debt relief order, we will be able to refer you to our partner for your application to be processed. For residents of Northern Ireland there is a fee of £90 which must be paid before the application is submitted; for residents of England & Wales, there is no fee to pay. If we find that a DRO is not suitable for you, then we will look into other debt solutions that suit your current circumstances.

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Eligible Debts

A trust deed may work for…

If your debts are £5,000 or more and if you make enough money to make regular repayments towards your debts, a trust deed could help you regain control of your finances.

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Credit Cards

Payday Loans

Store Cards

Overdrafts

Personal Loans

Other Unsecured Debt

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Ineligible Debts

A trust deed may not work for…

If you do not make enough income and have insufficient left over after paying for essentials and priority bills to contribute towards your debt, a trust deed may not be the best debt solution for you.  Additionally, your income cannot solely come from benefits.

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Mortgages

Secured Loans

Court Fines

Child Maintenance Arrears

Student Loans

Hire Purchase Agreements

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Why choose us?

Why choose Fresh Start UK?

Fresh Start UK has helped more than 12,000 people gain control of their finances and be debt-free. If you’re struggling with debt and finding it tough to keep up with your bills, speak to an adviser today.

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The upsides to using a trust deed?

img Get started right away, setup complete in 4-6 weeks.

img Typical debt written off is 62% – only debts added to the IVA.

img A formal agreement, offering protection from creditors.

img Debts included are written off after 4 years.

img Trust Deeds can be suitable for homeowners, but equity may need to be released.

img Affordable monthly payment to debts.

The downsides to using a trust deed?

img There are restrictions on income and expenditure amounts.

img Trust Deed fees are included in total payment.

img A Trust Deed is a form of insolvency and will appear on the public register.

img Impact on credit file – 6 years from the start.

img Your Trust Deed may not be approved – you will know before you pay anything.

img If the Trust Deed fails then you could be subject to sequestration.

Ready to get started on the path to financial freedom?
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Money Helper has replaced the Money Advice Service and brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.

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