Trust Deed

If you live in Scotland, you may qualify for a Trust Deed.

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A Protected Trust Deed is a way of dealing with debt problems. It is a legally binding agreement by which your assets are transferred to the Insolvency Practitioner (Trustee) to administer and realise for the benefit of your creditors.

There are no court processes involved.

If the trust deed meets certain basic requirements, it can be registered as protected, and this then becomes binding on all your creditors.

A trust deed will normally last for a period of 3 years, at which time you are discharged from any remaining debt. In many instances a percentage of your debt will be written off.