Protected trust deeds are only available to residents of Scotland that are in financial difficulty with debts over £6,000 and meet specific criteria.

Provided you have maintained all of your trust deed payments, you will be free of all unsecured debts within 4 years.

Trust deeds are voluntary agreements between you and your creditors (the people you owe money to). You agree to repay part of what you owe them. A trust deed will normally include a contribution out of your income for a specified period; this is usually 4 years but can vary.
Each case is individually assessed, much in the same way as with an IVA in England or Wales. As such, you may qualify with £6,000 or more debt from 2 or more creditors.

What are the benefits of a trust deed?

A trust deed will:

  • Consolidate your unsecured debt into one monthly payment.
  • Have a fixed term, usually 4 years.
  • Write off all your remaining unsecured debts that were included in the trust deed, at the end of the term.
  • Stop creditors from calling and sending letters to you.
  • Prevent you from being made bankrupt / sequestration.
  • Allow you to continue to run any limited company that you may be running.
  • Reduce your monthly outgoings in line with your income and expenditure.
Will my credit rating be affected?

Yes, by entering into a trust deed, you will no longer be repaying debts at the originally agreed amount, this means your credit rating will be affected for six years.

A record of the trust will be held on your credit file for up to six years following completion.

Live in England or Wales?
You could be eligible for an IVA

If you have high levels of debt and live in England or Wales then an IVA could help you pay off your debts over a 5 year period.
More on IVAs

Struggling with debts?
A debt management plan could be the answer

Are you finding it difficult to meet your monthly payments? A debt management plan might help get your finances back on track.
More on DMPs

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The Money Advice Service

To find out more about managing your debt and receiving free debt advice visit or read the article Options for Paying off your Debt.

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Living in Scotland?

If you live in scotland you can find out more about managing your debt by read the debt advice and information package created by Scotland’s Insolvency Service.

Find out more