Debt advice archive
Whether a Trust Deed or the Debt Arrangement Scheme could be best for you depends on your circumstances.
A Debt Arrangement Scheme will damage your credit rating for six years, which could make further borrowing more difficult.
There are many advantages of entering a Trust Deed - however, if you are a homeowner it may have an effect on your home.
Your Trust Deed can be extended under some circumstances - for example if you have to take a payment break, or if your lenders don't feel you are able to pay enough each month to justify a regular three-year Trust Deed.
A store card debt is an unsecured debt, so it can be included in a Trust Deed along with other unsecured debts - like credit cards and overdrafts.
A Trust Deed could help you repay what you can afford towards unsecured debts you've lost control of - and you could have more than one Trust Deed if you need to.