*This example is based on personal circumstances and will vary
The Trust Deed Wizard is a calculator created by Trust Deed Scotland to provide you with an instant indication of whether you
may qualify. Trust Deeds are administered by a licensed Insolvency practitioner (trustee).
Scottish Trust Deeds are based on what you can afford to repay and could reduce
your monthly outgoings and stop creditors taking legal action against you and prevent them from adding further interest and charges.
When a Protected Trust Deed is successfully completed, your unsecured eligible
debts will be written off. (If you're a homeowner, you may have to free up some of the equity by extending the term).
Why use Trust Deed Scotland?
✓ Qualified debt advice
✓ We help thousands each year
✓ Owned and operated in Scotland
✓ DRF qualified advisors
✓ Full geographical coverage
✓ Free advice
✓ We do not cold call
✓ We respect your privacy
What is a Trust Deed?
Do we charge setup fees?
A Trust Deed is a Government-approved scheme to allow individuals struggling with debt in Scotland to reduce the amount they owe. After the agreed
repayment period has been completed, any leftover unsecured debts are written off and creditors are legally bound by its terms.
How long does it last?
We do not charge you any upfront fees for our service. We provide ethical debt advice and do not charge 'assessment fees' for our service as it would be
contrary to our core values. Likewise debt advice from ourselves is free of obligation. Find out more about Trust Deed Scotland and how we can help you by calling
us now on 0141 221 0999.
How many people use Trust Deeds to clear their debts?
We will ensure that we proceed as quickly as you request. Once signed your Trustee will make the necessary arrangements to have your Trust Deed advertised
in the Edinburgh Gazette as quickly as possible.
Assuming no or insufficient objections, your trustee will apply for your Trust Deed to be protected five weeks after the Edinburgh Gazette date.
This involves applying to have your Trust Deed registered on the Register of Insolvency.
Do Trust Deeds really write off my debt?
Every year in Scotland, thousands of people use Trust Deeds to clear their debts and in the financial year of 2010-11, the actual number of Scottish people
who used Protected Trust Deeds to clear their debt was 7,980. Alternatives such as DAS are growing in popularity too.
Will it freeze interest and charges?
Yes. Trust Deeds can write off up to 90% of your unsecured debt (excluding IP Fees, which can range from £2,500 - £4,500 excluding outlays, see
What is a Trust Deed.) The actual amount of your unsecured debt that will be written off
will depend on your personal circumstances and the offer of repayment that you agree to make to your creditors.
Will I lose my home?
Yes. Once protected your creditors legally cannot pursue you for further interest and charges and provided that you complete the repayment of your agreement,
you will never need to deal with your creditors ever again, as your trustee (IP) will deal with this for you. Any correspondence that you receive from your lenders
if at all, will need to be forwarded onto your Trustee but that is all.
Is it similar to an IVA?
Any equity in your property may have to be realised for the benefit of your creditors, however your trustee will only advise on a Protected Trust Deed if
this is the most appropriate solution for you to deal with your debts. As part of this process he will outline how any equity will be dealt with.
It is also essential that you keep up your normal monthly mortgage and secured loan repayments (and an allowance will be given for this in your normal
Can I arrange a home visit?
A Trust Deed is the equivalent of an Individual Voluntary Arrangement in Scotland. There are some differences such as the minimum debt level threshold and duration. A Trust Deed will usually last for 36 months , whereas an IVA would last for 60 months. If you have
resided in Scotland for the last six months then generally you should be classified as a Scottish resident.
Can I setup a Trust Deed by myself?
Yes, a home visit can give you a lot more insight into the whole process, have all your questions answered and we also encourage home visits for your own
peace of mind and to meet the person who will be administering your case. If a home visit is not your preference, you can arrange your application by telephone, or
you can visit their offices.
Will it affect my credit history?
Any Trust Deed must be administered by a licensed insolvency practitioner. These are suitably qualified and experienced insolvency professionals who are
regulated by a Recognised Professional Bodies.
In addition, the Accountant in Bankruptcy (an executive agency of the Scottish Government) has a supervisory function over all Protected Trust Deeds and Trustees.
How do I apply?
There is no credit checks involved in setting up, however we need to make you aware that you will not be allowed to take out further credit for the duration
of your agreement and your credit rating will be severely affected for a number of years afterwards. Credit rates will not be favorable and you will also need to
begin a process of rebuilding your credit rating.
Can I get a quote online?
You can start the process of applying by completing our online Trust Deed Wizard form for a quick indication on
whether you would be eligible. Alternatively, you can call us on 0141 221 0999 and speak to an advisor now. Remember too, if you are not eligible, there are usually
other options open to help you.
Are there alternatives to Trust Deeds in Scotland?
You can get an online example by completing the enquiry form. All calls are confidential, free of charge and without
obligation. Some people say that the most difficult step to take is taking the plunge and asking for help. We aim to provide advice that is fair, transparent and
non-judgemental. Very rarely do our advisers see a case that they have done so already. Indeed thousands of people have spoken to us about their financial difficulties
so do not feel embarrassed. We are here to help!
How does a Trust Deed work?
Yes, in Scotland there are a number of options open to you but your eligibility for each debt solution depends on your own individual circumstances. These
alternatives include Debt Arrangement Schemes, Sequestration (Certificate for Sequestration and LILA Sequestration) and we will provide comprehensive information on the
pros and cons of each solution and how it may impact your situation.
As a provider of ethical debt advice, we aim to highlight the key differences of each debt solution, and how it could affect you and you will not be pressurised
into making any decisions.
I have just moved to Scotland, Do I qualify?
The process is actually quite simple. Your household outgoings are added together and subtracted from your normal net income (after tax) which leaves what is
known as your disposable income.
This disposable income is then used together with your total unsecured debts to calculate a repayment proposal which is then submitted to your creditors.
When a Trust Deed becomes protected, you will then be locked into a legally binding agreement to repay your debts over a typical period of 36 months.
When discharged, you will be then become completely free from unsecured debts.
Find out more about What is a Trust Deed.
We have experienced advisers ready to take your call and help you realise the prospect of a life after debt!
Trust Deeds are only available for Scottish residents, who have lived in Scotland for a minimum of 6 Months.