Is a Trust Deed for you?

We have a solution for every debt problem.

A Trust Deed is a legal process available only to residents in Scotland. It provides people in debt with an alternative to bankruptcy.

A Trust Deed enables those who are unable to repay their debts a way of establishing a monthly repayment schedule based on what you can afford to pay. The Trust Deed will usually last for three years then any remaining debts are written off.

Trust Deeds are set up by licensed Insolvency Practitioners (the Trustee) who put together a form of proposals to the lenders for approval and administer the Trust Deed.

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* The amount you have left after essential bills

 
Benefits of a Trust Deed
Write off up to 85% of debts Debt free in 36 months
Freezing of interest A dedicated point of contact
One affordable monthly payment Expert impartial advice
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Trust Deed Pros

1. The pressure of being in debt is reduced as all correspondence, including any queries from lenders, is handled by the Trustee.
2. A Trust Deed is usually more flexible and costs less to administer than sequestration.
3. It also allows the debtor the right to hold certain public offices - which would not be the case with sequestration.
4. It may be possible for companies to continue trading and individuals to retain their directorships.
5. The information is not published (unlike sequestration).
Trust Deed Cons

1. Existing arrestments and other diligence continue to be effective.
2. You cannot be a company director of a limited company unless the company’s Article of Association state otherwise.
3. The arrangement is binding on you as well as your creditors. If you were to default on the arrangement then the Insolvency Practitioner can petition for your Sequestration (bankruptcy)
4. Entering into any arrangement with your creditors may affect your credit rating.
5. Creditors are not obliged to accept a proposal for a Trust Deed.