What are trust deeds?

Trust Deeds are the Scottish equivalent of IVAs, and only available to residents of Scotland. At Churchwood Finance, we offer full advice on Trust Deeds. If you qualify, we can arrange a Trust Deed for you with your local insolvency practitioner.

If an individual is unable to afford their payments to existing credit commitments, they may have the chance to enter into a formal agreement setup by a fully licensed insolvency practitioner. This person will arrange monthly payments, usually over 3 years, that are affordable for the individual and acceptable for the creditors. From there, the debt is written off. Any interest and charges on your account are also stopped.

Suitability for these schemes depends on the amount of credit you have, the number of credit companies you owe, equity if you are a homeowner, and affordable disposable income. The law also dictates you must be a resident of Scotland to qualify for a Trust Deed.