Trust Deeds

What is a Trust Deed?

A Trust Deed is a debt solution available to residents in Scotland. It is a legally binding arrangement drawn up between you and your creditors in which you agree to pay your creditors what you can afford. In most cases this means paying back only a percentage of what you can afford. A Trust Deed usually lasts for a period of 3 years, at the end of which any remaining debts are effectively written off leaving you with no more unsecured debt.

 

Criteria to qualify for a Protected Trust Deed

To qualify for a Protected Trust Deed in Scotland you must be a Scottish resident for at least 6 months, and have unsecured debts of over £5,000.

Advantages

Disadvantages

 

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