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Trust Deed
Clear your debts within 3 years - for scottish residents
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A Trust Deed is the legal process designed for Scottish residents, and is offered as an alternative to bankruptcy. A Trust Deed allows you to pay what you can afford for a period of usually no longer than 4 years and at the end have the rest of the debt written off.
Take our trust deed test
How much debt do I need for an IVA? You need at least 5,000 of unsecured debt to be considered for a Trust Deed.
How long does it take to set up a Trust Deed? Generally it can take 4 – 6 weeks to set up.
What if the creditors don't accept my IVA?
Yes. Once the Trust Deed has been accepted your creditors can not take any further action against you providing you honour the arrangement.

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Advantages of a Trust Deed.
  • One reduced monthly payment
  • Debt free in usually 48 months
  • Protection from Bankruptcy
  • Guaranteed to stop creditor hassle

Disadvantages

  • If you fail to maintain the payments according to the terms of the trust deed the result may be bankruptcy
  • Details are published in the Edinburgh Gazette and added to the public Register of Insolvencies.
  • A Trust Deed will have an adverse effect on your credit rating.

Points To Consider

  • If the arrangement or deed fails there is a risk of being made bankrupt
  • Homeowners may need to release equity from the value of their home to pay off debts, and re-mortgage may attract a higher rate of interest If no re-mortgage is available your individual voluntary arrangement may be extended for a further 12 months
  • Lenders or owners may not approve the individual voluntary arrangement or the protected trusted deed.
  • Only unsecured debts included in the individual voluntary arrangement or protected trust deed may be discharged at the end of the period and unsecured debt debts not included remain outstanding
  • There are restrictions on the expenditure of a person who enters into an individual voluntary arrangement or protected trust deed. Your creditors will be able to put a stop to any expenditure items that they deem as excessive and not essential such as gym memberships, each expenditure item will be considered on a case by case basis.
  • An Trust Deed subject to creditor acceptance. Debt Write off only applies to unsecured debts and on completion of the Trust Deed
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