A Trust Deed is a personal debt solution available to people who are living in Scotland. It is an agreement with creditors to settle debt over a period of 4 years. This settlement is normally made in the form of regular payments from income and the surrender any valuable assets such as equity from property. At the end of the agreed period creditors agree to write off any outstanding debt.
Creditors have 5 weeks from the date of the trust deed is advertised in the Edinburgh Gazette to object to the terms proposed by the Insolvency Practitioner. Provided that no more than one third in value or a majority in number of creditors object to the terms proposed the Trust Deed will become “Protected”, binding all creditors to its terms.
To find out more about the Trust Deed debt solution see: What is a Trust Deed