A Trust Deed is a voluntary, but legally binding agreement between you and your creditors. A Trust Deed allows you to make affordable monthly payments towards your debt over a typical term of four years, allowing you to repay all or part of what you owe. A Trust Deed is supervised by a Licenced Insolvency Practitioner, also referred to as a Trustee. A Trust Deed is available for Scottish residents only, a minimum of six months residence in Scotland is required. Trust Deeds are an alternative option to Bankruptcy, or Sequestration as it is also known as in Scotland.

Case study

To give you an idea of how a Trust Deed might work for you, the fees and timescales, see our below example. We would be happy to provide you with something more specific and tailored to your personal circumstances. Just complete our online enquiry form and we will call you back or call on either 08081 292 010 or 0161 476 9500.

Case Study:

Mr H was a tenant and had no assets. He had a total debt level of £17,202. He could afford to pay only £154 per month towards his debts. His Trust Deed was approved for £154 per month over 48 months.

Here’s how it worked:

48 months x £154 = £7392 paid in to the Trust Deed

£17,202 – £7392 = £9,810 debt Mr H was discharged from