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Trust Deeds Qualifying Criteria

In order to apply for a trust deed, you must be able to satisfy the following criteria;

You must be in permanent employment and have wage slips to confirm your income
Your level of unsecured debt should be at least £8,000
You must have 2 or more different creditors (debts with different companies)
You must be resident in Scotland
You will need to have a suitable level of disposable income (income minus your reasonable living expenses) that you can pay every month for the benefit of your creditors

As with an IVA, only unsecured debts can be included in your trust deed, so things like personal loans, bank overdrafts, store cards and credit cards are fine, but mortgage arrears and car H.P. agreements are not.

If you comply with the terms of your trust deed for the 3 year period then you will be discharged from it and any remaining debt included in your trust deed will be written off, leaving you free from debt.

Like an IVA, a trust deed is legally binding so failure to make your pre-agreed monthly repayment could result in your sequestration, putting your home and possibly your job at risk.