Should less than a third of your creditors object the trust deeds Scotland will become legally binding. This will put a freeze on your interest payments for the duration of the agreement period which is normally 3 years. During this time you need only pay the agreed sum of money unless you come into some other means of money or the value of your house goes up. At this point you would be liable for the trustee fees.
There are advantages of a having a trust deeds Scotland in that the creditors can’t take you to court to recover any outstanding debts, interest and credit charges for your debt will be frozen. At the point where you owe more than one third of the total outstanding to one creditor who objects the agreement becomes legally binding.
