Trust Deeds Criteria
We will accept business that fit the following criteria:
- £10,000+ worth of unsecured debt
- A minimum of 2 unsecured creditors
- Employed or Self Employed
- Resident in Scotland
Submit Enquiry ยปWhat is a Trust Deed?
A Trust Deed is similar to an Individual Voluntary Arrangement and is available to those residing in Scotland as an alternative to Sequestration (Bankruptcy).
The arrangement is legally binding between the customer and their creditors and, like an IVA, has to be set up by a licensed Insolvency Practitioner (IP).
A Trust Deed will last for a specified period, typically three years, during which the customer will pay an agreed amount based on their circumstances. At the end of the term any remaining debts are written off.
Under current laws Trust Deeds must be administered in Scotland. For this reason we work closely with a specially selected partner who will ensure customers receive the same high standard of service we provide to all our customers.