Protected Trust Deeds
Trust Deeds are a debt solution for residents of Scotland who owe more than £5,000 or more in unsecured debt they can’t repay.
Trust Deeds are a legally binding arrangement between you and your creditors, and usually take 48 months to complete. If successful, the rest of your debt is written off.
Creditors are unable to take any further action against you, including contacting you. To fully benefit from a Trust Deed it needs to become a Protected Trust Deed, which you Trustee will arrange for you.
Trust Deeds are not available if you live in England, Wales or Northern Ireland. See our pages on Individual Insolvency Arrangements, which are the equivalent debt solution to a Trust Deed.
Disadvantages of a Protected Trust Deed
- Trust Deed will affect your credit rating for six years from the date the arrangement is agreed
- You are unable to take out any further credit whilst in a Trust Deed
- Homeowners could be required to release equity for the benefit of their creditors
- Failure to keep up with your payments could put you at risk of Sequestration Proceedings against you
- Your details will be held publicly on the Individual Insolvency Register
Advantages of a Protected Trust Deed
- You will be debt free, typically, in 4 years (48 months)
- Debts included in the Protected Trust Deed will be written off once completed
- You can keep your home and car
- All interest and charges will be frozen
- Creditors will no longer be able to chase you for payment and cannot take further legal action against you
Please call and speak to one of our friendly advisors today on 0333 733 1565