Request a call

Your Name Your Contact Number Total Owed Number Of Creditors Email I accept the Terms & Conditions.

Trust Deeds Information

As with an IVA in England & Wales, applying for a trust deed in Scotland has to follow a standard process as it's a legally binding agreement between you and your creditors.

If you're wondering what is involved in applying for and being approved for a trust deed, the information below will give you a good idea;

The first stage is to get reliable debt advice for your specific situation and level of debt
Once you're armed with all the facts, you should consider how a trust deed will affect you compared to other viable debt solutions
If you do proceed, you will be assigned a Licensed Insolvency Practitioner (I.P.) who will prepare your trust deed proposal to be circulated amongst your creditors
Your creditors will be given the opportunity to vote on the proposal put to them and they are under no obligation to accept
You'll need two thirds by value of your creditors to accept your proposal so that your trust deed can become what's known as 'protected'
Once protected, your creditors are not allowed to contact you directly regarding the outstanding debts in your trust deed
Your I.P. will look after your protected trust deed for the 3 year duration and make sure you are making your agreed monthly repayments
The onus is on you to make all the repayments you've agreed to. If you break this agreement without good reason, one or more of your creditors could apply for your sequestration
As with an IVA, any changes to your personal financial situation must be communicated to your I.P. immediately
You will be notified at the end of your successful 3 year trust deed period that the unsecured debts included within it have been written off in full

For a more detailed explanation of how the trust deed application works, contact one of our advisors in confidence now.