The minimum debt level required to enter into a Trust Deed is £5,000 and this total debt amount is based on your unsecured debts only.
Examples of unsecured debts include personal loans, credit and store cards, payday loans, council tax arrears, catalogue debts, credit union debts and bank overdrafts.
It may be possible to include a mortgage shortfall from a previous address which has since been repossessed or car finance where the car has been handed back already. Some HMRC debts can be included in certain conditions and if you have a mobile phone bill, for example, you can include these debts also, should you no longer wish to use the contract. You can include utility bills from previous addresses. Some debts cannot be included in Trust Deeds, for example, student loans and court fines.
When you look to take out a Scottish Trust Deed and have less than £5,000 debts, you may also consider the Debt Arrangement Scheme as an alternative.
You may also qualify for more than one debt solution, and in order to understand the advantages and disadvantages of each and how they may directly affect you.