A protected trust deed is a legally binding arrangement in Scotland where you make reduced payments over four years. At the end of this time, your unsecured debts are usually written off.
A trust deed is a form of insolvency, so your unsecured debts need to outweigh the value of your assets, such as a house or vehicles. Unsecured debts include things like credit card debt, personal loans and store cards.
Trust deeds are only available if you live in Scotland. If you’re considering a trust deed, it’s important to get free and impartial debt advice first. You can only get a trust deed with the help of an insolvency practitioner.
StepChange Scotland is an organisation that’s trusted and authorised to help arrange trust deeds.