Disadvantages of a Scottish Trust Deed
Learn more about what the Disadvantages can be when choosing a Scottish Protected Trust Deed as the debt solution to control your debts and get you debt free
- Will stay on your credit file for up to six years
- Can only apply for up to £500 credit whilst in the plan
- You may find it difficult to Re-Mortgage your home during the plan
- It may affect a job application where you are credit checker or against the terms of employment
- You may lose any extra money you declare during the plan such as an inheritance payout
- You can only take out new car finance during the plan if the car is not working or at least ten years old
- You may need to step down as a direct or of a limited or Ltd company
Your Expert Group, scottishtrustdeed.help, River Insolvency, ivahelper.co.uk are trading names of YEG Insolvency Limited which is Authorised Representative (FCA Number 987650) of Secure Financial Management Limited which is regulated by the Financial Conduct Authority.
Free and impartial help with money, set up by the government: MoneyHelper.
Secure Financial Management Limited’s FCA number is 550186. You can confirm this by checking the financial services register by visiting the FCA website www.FCA.org.uk?register or by contacting the FCA on 0800 111 6768. The registered office is 89 West Regent Street, Glasgow, G2 2BA. Registered in Scotland company no: SC393839. Registered with the ICO under the Data Protection Number ZA328512
Donna Forey is Licensed to Act as an Insolvency Practitioner in the United Kingdom by the Institute of Chartered Accountants of Scotland.
A formal debt solution may not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
*Debt examples are subject to creditor acceptance, payments are subject to individual circumstances, credit may be affected. Fees may apply.