Live in Scotland with debts over £5,000? Learn how a Protected Trust Deed — a form of insolvency — could help you deal with debts you can’t afford through one affordable monthly payment. It won’t be right for everyone, so we’ll explain the risks too.
A Protected Trust Deed is a form of insolvency available only to residents of Scotland, and it will affect your credit rating. Your initial advice is free and there’s no obligation; if you go ahead, fees apply and are shown to you in full first. We’re a commercial service — free, independent debt advice is also available from MoneyHelper and the Scottish Government.
Trust-Deeds.co.uk is a trading style of My Debt Plan Ltd, and we’ve been helping people living in Scotland deal with debt for many years. We take the time to understand your situation and explain every option — including the risks — clearly.
We take the time to understand your situation and explain every option clearly.
Talking about debt is hard. Our team offers a sympathetic ear, free of judgment.
We operate a transparency policy, so you know exactly who you’re dealing with.
When you’re ready, we’ll guide you through the right solution, step by step.
A Scottish Trust Deed is a legal process available only to residents in Scotland. It provides an alternative to bankruptcy (sequestration) — a single monthly payment based on what you can realistically afford.
A Protected Trust Deed is a formal, legally binding arrangement between you and your creditors. You make one affordable monthly payment, usually over around four years, after which any remaining unsecured debts included in the Trust Deed are written off.
If you find it difficult to repay your debts, a monthly payment is established based on what you can afford. We consolidate your existing credit cards, loans and other unsecured debts into one — often lower — monthly repayment.
By choosing a Scottish Trust Deed we can look at reducing your debts into one lower monthly repayment and writing off the unsecured debts you cannot afford. This usually lasts 48 months, but may vary.
Free, confidential advice with no obligation. Find out in minutes whether a Trust Deed could help you.
See if you qualify →Learn more about the debt solutions available to residents of Scotland below. A Trust Deed isn’t right for everyone — another option, such as a Debt Arrangement Scheme or sequestration, may be available and may be more suitable for you. We’ll always talk you through the advantages, disadvantages and risks of each before you decide.
A legally binding form of insolvency, supervised by a licensed Insolvency Practitioner. Make reduced payments — usually over around four years — after which the qualifying unsecured debts included are written off. It’s recorded on the public Register of Insolvencies, affects your credit rating, and your home equity and assets are taken into account. Only available to residents of Scotland.
Learn more →A Scottish Government-run scheme that lets you repay your debts in full through one affordable monthly payment, with interest and charges frozen. Your creditors can’t take further action while your Debt Payment Programme is in place. Because you repay in full, you’ll need enough disposable income to clear your debts over a reasonable period, and it will still affect your credit rating.
Learn more →Sequestration is the Scottish form of bankruptcy. Most, if not all, of your unsecured debts are written off, and creditors must stop contacting you. It’s recorded on a public register, affects your credit rating, and there are restrictions while you’re bankrupt — for example on obtaining credit and acting as a company director. We’ll discuss whether it’s the right route — and whether the Minimal Asset Process (MAP) applies to you.
Learn more →Three simple steps. The first one is the hardest — but you’re in the right place.
Talking with one of our friendly assessors helps get the ball rolling — with no judgment and no pressure.
Enquire here →Tell us about your situation and we’ll let you know which Scottish debt solutions could be a fit for your circumstances.
Let’s talk →We carry out a suitability assessment, and if you qualify we’ll help put your application together — at your pace.
Get started →If the following sounds like you, a Protected Trust Deed could be a solution worth exploring. There are other factors we’ll assess, such as your property status and income.
A typical Trust Deed term, after which qualifying unsecured debt you can’t afford is written off.
Check if you qualify Free initial advice · Fees apply if you proceed and are shown in full firstAn illustration of a typical case before and after a Trust Deed. Your own figures will depend on your circumstances and the agreement of your creditors.
This example is for illustration only and is not a quotation. Your creditors are not obliged to accept reduced payments, and the monthly saving and amount written off depend entirely on your individual circumstances and the agreement of your creditors — they are not guaranteed. A Trust Deed is a form of insolvency, is recorded on the public Register of Insolvencies and will affect your credit rating. Trustee’s fees apply and are paid from your contributions before your creditors; they will be fully disclosed before you enter into any arrangement. If a Trust Deed fails you could be made bankrupt (sequestrated). Other debt solutions may be more suitable for you.
A Trust Deed is a serious commitment. Our staff will fully explain the implications to you to ensure any proposal is affordable, achievable and suitable to your personal circumstances.
Your creditors are not obliged to accept a proposal for a Trust Deed. Your trustee negotiates on your behalf. If creditors you owe more than one third of your total debt object, your Trust Deed will not become protected.
The arrangement is binding on you and your creditors. If you default or fail to adhere to the terms, your trustee can petition for your sequestration (bankruptcy), and your home and other assets may be at risk.
If you own your home, your trustee has an interest in any equity in it. You may need to release that equity to pay towards your debts — for example by remortgaging, which could be at a higher interest rate, or by extending the length of your Trust Deed. If equity can’t be released your home could be affected.
You’ll agree a budget with your trustee and there are restrictions on your spending and on taking further credit until the Trust Deed completes. It is also recorded on the public Register of Insolvencies, which anyone can search.
Only unsecured debts can be included. Secured debts (such as your mortgage) cannot, so you must keep paying those yourself. Any unsecured debts not included in the Trust Deed remain your responsibility.
Any existing wage arrestment orders or other diligence may continue to be effective. It’s important to fully disclose any action already taken against you so the appropriate arrangements can be made.
Clear, jargon-free information grouped by topic, to help you understand your options before you decide anything.
Find out in minutes whether a Trust Deed or another Scottish debt solution could help you. It’s free, confidential and there’s no obligation.
Answer a few quick questions about your situation and a debt advisor at My Debt Plan Ltd will be in touch to talk through your options. It’s free, confidential and there’s no obligation.
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Free, independent debt advice is also available from MoneyHelper, StepChange, National Debtline or Citizens Advice Scotland.
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