What is a Trust Deed?

Trust Deeds are the Scottish equivalent to the IVA that is available in England and Wales. A Trust Deed is a way of reaching agreement with your creditors if you are unable to meet the minimum payments on outstanding debts. Trust Deeds are formal and legally binding agreements between individuals who are unable to pay their creditors and a licensed Insolvency Practitioner (the Trustee), a kind of informal bankruptcy (sequestration).

Trust Deeds are only available to residents in Scotland who are struggling with debts of over £10,000. Providing that certain conditions are met, the Trust Deed can be registered as 'Protected' meaning that the lenders that you owed would be prevented from taking legal action against you and all of your interest on the balance would be frozen.

What are the advantages of a Trust Deed?

• Trust Deeds are fast to set up.
• All interest must stop being added to the balance.
• The arrangement is legally binding.
• The protected Trust Deed avoids bankruptcy.
• Unlike bankruptcy, your employers will not be told.
• Trust Deeds usually last 3 years so you could be debt free in 36 months.
• All creditor correspondence is dealt with by us.

Call us today and let us help you get debt free...