What happens if I stop paying into the Trust Deed?

In a Trust Deed, your monthly repayments are calculated on what you can realistically afford, you should take care not to agree to anything that is not sustainable.

If you are having trouble maintaining these payments because of a change in circumstances you should contact your Trustee immediately to explain why; failure to do so or if you just stop paying will result in the trustee having to take action.

This could include freezing your bank accounts and even petitioning for your sequestration.

Debt Advice Foundation is a registered UK charity offering free, confidential debt advice. If you need advice about Scottish Trust Deeds or would like to see if you qualify, please call the charity’s helpline to speak with a Advisor on 0800 043 40 50.

Related questions

What are the advantages of a Trust Deed? Will the Trust Deed affect my credit rating? Does a Trust Deed cover all of my debts? How long does it take to set up a Trust Deed? What are the disadvantages of a Trust Deed? Do creditors have to agree to my Protected Trust Deed? How much are Trust Deed fees? How much does a Trust Deed cost? What is a Scottish Trust Deed? What is a Protected Trust Deed?

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