Trust Deeds

Trust Deeds only apply in Scotland. The process is very similar to that of an IVA process in England and Wales and is an alternative to bankruptcy.

Trust Deeds usually last for 3 years and is a formal arrangement with your creditors to pay only what you can afford in that time. At the end of the 3 year period the you will be discharged from your debts if you have kept to the terms of the Trust Deed.

There is no minimum level of debt required before entering into a Trust Deed and there is no minimum requirement for monthly payments.

If the Trust Deed becomes protected you will be required to transfer your property and assets to be administered to creditors as payment.