Debts Wave
IVA

Trust Deed

A Trust Deed is a legally binding voluntary arrangement (Similar to an IVA in England and Wales), which offers debtors a bankruptcy alternative. It is only available to residents of Scotland.

It is designed to help those who cannot repay their debts a way to establish a monthly repayment schedule based on what you can afford to pay. The Trust Deed normally lasts for three years. One you reach the end of the term, the arrangement comes to an end, and any remaining debts are fully written off.

Trust Deeds are applicable where a debtor does not have enough disposable income to meet his/her unsecured credit repayments.

It should be made clear that Trust Deeds are a legally binding arrangement between the debtor and a licensed Insolvency Practitioner (the Trustee) and should only be entered into with full knowledge of all the implications..

Although considered an informal bankruptcy, a Trust Deed is still regulated by The Bankruptcy (Scotland) Act of 1985.

If other specific criteria are met, a Trust Deed can be registered as Protected. This 'Protection' has the added benefits of preventing creditors from taking any further legal action against you and also ensures that all interest will be frozen on your debts.

 

*
*
Total Owed £*

Exclude Mortgage

Approx. Monthly Bills*
Best Contact Time*

Is your home in danger of being repossessed
(have you missed two or more mortgage payments?)

If you are having difficulty completing this form Click Here

Please complete the form for a free analysis. Once the form is submitted it will be decided who we think is best qualified to help with your situation.

You will receive an email withing 15 minutes of submitting the form to let you know if there are options available to help in your present situation.
All information on this site is completely free