Trust Deeds

A Trust Deed or Protected Trust Deed is the Scottish equivalent to an Individual Voluntary Arrangement (IVA). It is a legally-binding solution which allows you to make a single, affordable monthly payment to a Licensed Insolvency Practitioner to cover all your unsecured debts.

A Scottish Trust Deed typically lasts for three years and is only available to those who live in Scotland. At the end of your Protected Trust Deed, all remaining unsecured debt will be legally written off.

If you have some savings or are likely to come into some money, Debt Release Direct can help you put an offer to your creditors to settle your debt in full.

How do Trust Deeds work?

An Insolvency Practitioner will assess what you can realistically afford, once a thorough income and expenditure check is completed.

Once the Protected Trust Deed is agreed, the Insolvency Practitioner will be responsible for distributing your monthly payment among your creditors.

At the end of your Protected Trust Deed period which is usually three years, any remaining unsecured debt will be legally written off.

Benefits of Trust Deeds

• You will have complete legal protection from your creditors- no more hassle, no more phone calls.
• You will make a single, affordable monthly payment.
• Protected Trust Deeds typically last only three years regardless of debt amount.
• Interest and charges are legally frozen while a Trust Deed is completed.
• Any remaining unsecured debt will be written off at the end of the completed Trust Deed.

Disadvantages of Trust Deeds

• Your credit rating may be affected for up to six years.
• If you own any property, you may need to remortgage it and pay a portion of the money into the Protected Trust Deed at the end of the fixed term.

How can Debt Release Direct help?

At Debt Release Direct we understand that every circumstance is different and that some debt solutions are not right for everyone. But we believe that with our experience and knowledge, we could help you get back on track with your finances and find a solution that works for you.

Our Debt Release Direct advisors have expertise in the debt management field and can offer you the Trust Deed advice that you need.

To speak to one of our friendly, professional advisors to discuss your financial situation, simply call today on 0800 019 7465 or fill in our online form for a free call back.

Trust Deeds are not administered by Debt Release Direct Limited, but are managed by their associate Insolvency Practitioners, Mackenzie Stewart.