Different parts of the UK offer different approaches to dealing with debt. In England, Wales and Northern Ireland, people who have a substantial amount of unsecured debt that they can’t afford to repay in a realistic period may qualify for an IVA (Individual Voluntary Arrangement).

The Scottish equivalent is a Trust Deed – and it works in much the same way as an IVA. On a Trust Deed, you’ll:

• Make reduced monthly payments, based on what you can afford after your basic living costs
• Stop any further legal action from your unsecured lenders
• Have any outstanding unsecured debt that you can’t afford to repay written off once it ends successfully – in most cases, after three years.

Here we’ll take a quick look at just what a Trust Deed involves.

How could I set up a Trust Deed?

A Trust Deed can only be set up with the help of a qualified Insolvency Practitioner (IP), who will have the experience and expertise to act in insolvency cases. Debt Advice Now could help.

Once all other options have been considered, if a Trust Deed is the best approach for you, you’ll discuss your finances with the IP – e.g. how much debt you have, and how much you can afford to pay to your lenders.

The IP will use this information to draw up a Trust Deed proposal with you. This document, detailing why you’d be suitable for a Trust Deed, will then be sent to your unsecured lenders, and your details published in the Edinburgh Gazette, a specialised publication that contains a personal insolvency section.

Unless more than half of your lenders – or those who collectively ‘own’ more than a third of the total debt value – reject your Trust Deed, it will become a Protected Trust Deed, meaning both you and your lenders must stick to the agreed terms.

Are there any disadvantages to a Trust Deed?

If you’re a homeowner, you will have to release some of the equity in your home to go towards repaying your unsecured lenders.

A Trust Deed will also stay on your credit file for six years after it begins, which could make it difficult to get further credit during this time.

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