Scottish Trust Deeds
What is a trust deed and how can it help me?A Trust Deed is a government approved debt solution available to Scottish residents. A Trust Deed is a voluntary arrangement to pay your unsecured debts which transfers your rights to your assets (things you own) to a trustee who will sell these to pay your creditors. In addition you will be required to pay monthly payments into your trust deed for a fixed period usually around four years.
There are two types of trust deed. The first is a protected one which means the majority of your creditors have agreed to its terms. A Protected Trust Deed prohibits creditors from taking any further action against you and they must freeze your debts. An unprotected or ordinary trust deed is one which a certain proportion of your creditors have objected to the terms of the deed. In an ordinary trust deed your creditors may still decide to pursue you for the money you owe and can still take legal action against you.
For more help and advice, contact the debt charity StepChange

Pros & Cons of
Scottish Trust Deeds
Scottish Trust Deeds
Settle your debts for less- Clear your debts with one affordable monthly payment which is based on what you can afford
- Write off all the debt you can't afford to repay
- Prevent or stop legal action including sequestration
- Debt-free after three years (in most cases)
- Your credit rating will be affected for 6 years in total
- Legal action can only be prevented if your Trust Deed becomes protected
- Unless your mortgage company agrees to exclude your house from the trust deed it will be sold by the trustee to pay your debts

The Money Advice Service offer free and independent debt advice, find out about more options here