Menu

News Article

Consumer Credit

Trust Deed Scotland Is Scotland’s First FCA Regulated Not-For-Profit Debt Advice Company

By CreditMan Monday, September 12, 2016

Scotland’s leading trust deed advisory company who have helped over 15,000 people in Scotland, is the first debt advice provider to become a social enterprise.

Trust Deed Scotland, also a trusted debt advice company, has become a social enterprise in a positive move for consumers and the debt industry.

The company has registered as a community interest company, or CIC, which is designed to benefit the community, rather than shareholders.

Trust Deed Scotland is one of the growing number of companies to become a CIC. Approximately 1 in every 200 companies formed in 2015 were a CIC and today there are around 12,000 CICs on the regulatory register.

The move puts the customer, rather than the business, at the heart of everything it does. Trust Deed Scotland has said that people with money worries in Scotland could be reassured that it would handle their problems with their interests at heart.

‘Good news for people in debt’

Jon Paul Kelly, director at Trust Deed Scotland, said the news “put the company in a unique position to benefit the community by offering free qualified debt advice of the highest calibre. We have always re-invested in the company to ensure the staff are qualified & well trained and the client journey is as good as it can be, so that people in debt can benefit from this. The client will also know that we do not charge them any fees for our advice and have their best interests at heart rather than the shareholders because of our not for profit status”.

In addition, Jon Paul Kelly says “the pressure that public services like the CAB are under is considerable and clients may have to wait for a considerable period of time to speak to a qualified Money Advisor - so hopefully Trust Deed Scotland can ease the pressure on these great services by offering the assistance of our own qualified debt advisors who cover the whole of Scotland."

‘Cleaning up the industry’

Mark Sommerville, also a director at Trust Deed Scotland, says “another reason that we have become a CIC is the growing mistrust in the debt market, as companies still cold call and use sales tactics to mis-lead clients to believe that they are in some way related to the ‘government’ to sell a debt solution. A lot of these call centres are not FCA regulated but often give un-qualified advice which is to the detriment of the client and the industry as a whole. Trust Deed Scotland do not cold call, so if you receive a nuisance call from one of these companies, we urge you to research who they are and to check if they are FCA regulated. The FCA register can be found at https://register.fca.org.uk/