A Trust Deed is available to Scottish Residents only under Scottish law.  It takes into account what you can afford to pay so you will not be paying more than you can afford.

A Trust Deed is a proposal presented to your creditors setting out how you are going to repay your debts.  The proposal will be created for you by an Insolvency Specialist.  The proposal also has to be supported by an Insolvency Practitioner (someone licensed under The Bankruptcy (Scotland) Act 1985) who nominates you to the creditors supporting your application for this solution. 

A Trust Deed is usually repaid over a period of only 3 years and once agreed by your creditors, they will not be able to take any further action against you as long as you maintain your agreed monthly payments.  You will not have any contact with your creditors and should you have any problems or concerns then the Insolvency Practitioner will be there to talk to your creditors on your behalf and to support you throughout the term of the Trust Deed.

Once you have made the final payment any remaining debt will be written off as detailed in the proposal.
Scottish Trust Deeds are not guaranteed to be accepted as 50% of the creditors need to agree to the terms of the proposal and not everyone is eligible.

To find out if you are eligible or to discuss the Trust Deed process further call us for free advice on 0800 000000 or 0161 000000 to speak to one of our experienced advisors. 

Alternatively, if you would prefer for us to call you back then simply complete the quick Free Advice Form and one of our friendly staff will call you back.

• Creditors named on the order cannot take any action to recover their money without the court`s permission.
• After 12 months you will be freed of the debts included in the order (unless your circumstances have significantly improved).

Debt Relief Orders (DROs) were introduced by the Government in April 2009 as a simplified, quicker and cheaper alternative to bankruptcy, to assist low income individuals with few assets.  DROs and Bankruptcy are a last resort; if you are ever faced with the prospect of bankruptcy you should look at an alternative as soon as possible, for example Debt Management, an IVA or a Trust Deed.  It is always best to go through each debt solution one by one first to determine if a DRO or Bankruptcy really is the best solution for you.

Debt Relief Orders will last for 12 months.  If your circumstances improve during this time you will be expected to pay your creditors.  They are available if you have no assets worth more than £300, you owe less than £15,000 and you have a disposable income of £50 or less each month.

We can help you asses if you would be eligible for a Debt Relief Order.  Simply call us for free advice on 0800 000000 or 0161 000000 to speak to one of our experienced advisors. 

Alternatively, if you would prefer for us to call you back then simply complete the quick Free Advice Form and one of our friendly staff will call you back.

• Automatic discharge of most bankrupts after a maximum of 12 months  (Although you can still be affected by the restrictions of bankruptcy)
• Income Payments Agreements (IPA) - a way of repaying debts to creditors from the bankrupt's income.
• There is a 3 period in which a trustee may decide what to do with a bankrupt's home.

Bankruptcy is a last resort and if you are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible, for example Debt Management, an IVA or a Trust Deed.  It is always best to discuss each debt solution one by one first to determine if Bankruptcy really is the best solution for you.

Once you have been made bankrupt all assets (possessions) belonging to you become the control of the Trustee, including your home.  If you have a mortgage then your property will be sold to obtain any value through equity.  If you live with your children then a period of 12 months may be allowed for other living arrangements to be made.  At the end of the 12 month period, the property will almost certainly have to be put up for sale, enforced by a Court order if necessary.  If you own the property with someone else they may be able to make an offer to buy out your interest in the property from the Official Receiver.
On some occasions bankruptcy is the best solution and to find out more or to discuss Bankruptcy further call us for free advice on 0800 000000 or 0161 000000 to speak to one of our experienced advisors. 

Alternatively, if you would prefer for us to call you back then simply complete the quick Free Advice Form and one of our friendly staff will call you back.