What is a Trust Deed?
Available only in Scotland, a Trust Deed is a legally binding formal arrangement between you and your creditors to repay some of your unsecured debts.
A Trust Deed can only be carried out through a licensed Insolvency Practitioner (IP) who will then act as the Trustee. This form of debt solution is designed to provide debt help to individuals who are unable to repay their debts (more than £5,000) over a period of time.
At the end of the period any remaining debt not paid off over this time, is usually written off by creditors.
Am I eligible for a Trust Deed?
If you can answer ‘yes’ to these three questions, you are likely to be eligible for a Trust Deed.
It’s always worth having a chat with our team – depending on your circumstances, it may be that a Debt Arrangement Scheme (DAS), Debt Management Plan (DMP) or Sequestration are better options for you.