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Trust Deeds

Professional and confidential help from our friendly advisors.

Trust Deeds Scotland

Trust Deeds are available to Scottish customers and are an option when looking to re-gain control of your debts.

Trust Deeds – what are they?

It is a legally binding agreement between you and your creditors in which it may be possible to have 90% of your debt ‘written off’. Debt Advice Scotland will appoint a Trustee to deal with your debts. The amount you pay, is a single reduced monthly payment to the Trustee – This option will allow you to ‘write off’ up to 90% of your debts over an agreed period, typically 36 months. At the end of this period of reduced payments you will have repaid your debts in full. You will have nothing more to pay.

Individual Voluntary Agreements (IVA) and Trust Deeds – what are the differences?

These two options are very similar, with only slight variations; Typically Trust Deeds are only available to Scottish Customers. IVA’s are available to English & Welsh customers.

Individual Voluntary Agreements (IVA)

Trust Deeds

Available in England and Wales

Available in Scotland

Must owe money to two or more creditors

Must owe money to two or more creditors

A monthly income of more than £150

A monthly income of more than £150

Repayments are based on your affordability to pay

Repayments are based on what you can afford to pay. Not what the lender is asking you to pay

Only unsecured debts of £15,000 or more

Usually unsecured debts of £10,000 or more

Interest and charges frozen

Interest and charges frozen

Last for around 60 months or 5 years

Last for 36 months

At the end of the agreed period, you will be debt-free

At the end of the agreed period, you will be debt-free

Ideal if your employment prevents you taking bankruptcy

Ideal if your employment prevents you taking bankruptcy

You can hold public office with an IVA

You can hold public office with a Trust Deed

All lump sums over £200 such as inheritance need to be declared

All lump sums over £200 such as inheritance need to be declared

Recorded on a public register

Recorded on a public register

Affect your credit file and are recorded

Affect your credit file and are recorded

There are many debt management and repayment options open to you. Take control of your debts and contact Debt Advice Scotland. We have a proven track record of helping people with their debt and finance issues so that they can enjoy a debt-free future.

Where We Can Help

Debt Advice Scotland provides trust deed services for customers throughout Scotland, including:

GlasgowEdinburghAberdeen,  Dundee,  InvernessPerth, Stirling, Paisley, Cumbernauld, Livingston, East Kilbride, Motherwell