Am I Eligible for a Trust Deed?
A Trust Deed is the Scottish alternative to an IVA. It is a financial commitment and cannot be determined by a few simple questions. Below lists the basic criteria, but for expert advice please call us free on 0808 131 9112.
- You are a resident of Scotland.
A Trust Deed is only available to Scottish Residents, the rest of the UK is serviced by IVAs. - You are employed.
A Trust Deed is a debt repayment scheme, and requires you to payback your debt over a period of time, typically 36 months. - You are insolvent.
This means that you are struggling with your debts and cannot afford to pay back the required monthly amount. A Trust Deed is most suitable for those with high levels of debt, but please contact us for more information about how a Trust Deed works and to see if you qualify.
Entering into an IVA may adversely affect your
credit rating for up to six years from the date of approval.
Your property will be protected within an
IVA but you may be required to release all or part of any equity during the
period of the arrangement.
Failure to complete the term of an IVA can
result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)