Scottish Trust Deed Question

Miss_Poohs

Hope some one can answer this.

I thought Trust Deeds were for a period of 3yrs, but when OH looked into the possibility it was a 5yr one that was quoted - is it to do with the amount owed?

Goldfishy

Hello Miss Poohs.

According to the AiB Government website, their official Trust Deed Guide states: 'A trust deed will normally include a contribution out of your income for a specified period, this is usually 36 months but can vary.' Unfortunately, this doesn't answer your question, but in my experience, 36 months seems to be the upper limit.

I am 2 months away from the end of my Trust Deed, which was for 36 months. I personally haven't heard of a Trust Deed lasting any longer. An ex-colleague had 1 creditor (Bank of Scotland), £32,000 debt and had a PTD that lasted less than 2 years. My debt was less, so I dont think the length of the deed is related to the amount owed.

I guess the best thing to do would be to give them a call on 0845 762 6171. Whatever advice they offer, it should be considered gospel.

If you do give them a call, let me know how it goes.

Best wishes,

Fish.

Miss_Poohs

Thanks Fish - I might just do that and I'll get back to ye.