Trust Deed
Government legislation that is designed to help Scottish residents clear debt.
A Trust Deed is a formal, legally binding agreement between an individual and a
licensed Insolvency Practitioner (the Trustee) and is designed to enable those who
cannot repay their debts a way to establish, with the aid of this Trustee, a monthly
repayment schedule based on what the debtor can afford to pay. Trust Deeds are only
applicable where a debtor does not have enough disposable income (the surplus money after day-to-day living expenses) to meet his/her unsecured contracted credit repayments.
The Trust Deed will last for a specified period, usually three years. When the specified
term of the arrangement comes to an end, any remaining debts are written off.
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We offer free, confidential, no obligation debt advice. Homeowners and tenants welcome.