There is no formal age restriction for entering into Protected Trust Deeds or Debt Payment Programme under the Debt Arrangement Scheme.
You need to be at least 18 to enter into a Trust Deed. This is because if you’re below the age of 18 you typically wouldn’t be able to borrow money legally anyway, as you cannot sign credit agreements if you are under the age of 18 in Scotland.
There’s no maximum age for a Trust Deed, but you may need to consider that Trust Deeds lasts a typical period of 4 years and your ability to repay your monthly contribution may be impacted by how close you are to retirement if your income were to drop significantly before your Trust Deed has ended. Likewise, there may be similar considerations for DAS.
Each proposed case would be considered on its own basis and risks, you can get confidential advice on this subject by calling us on 0141 221 0999.