A Protected Trust Deed is a formal legal agreement. As such, you cannot put one in place on your own. You will need to work with an Insolvency Practitioner
who is licensed in Scotland and can act as the Trustee of the Trust Deed.
Your Insolvency Practitioner will draw up a Trust Deed document on your behalf. This document details all of your financial circumstances.
Where to start
• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Beat My Debt Forum
• Call us now – speak to one of our advisors in confidence to see if a trust deed is right for you.
Take the first step to beating your debt NOW – Call us free on 0800 077 6180
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Your Assets
Once you sign your Trust Deed document, you are agreeing to transfer all of your significant assets to the Insolvency Practitioner which subsequently can be sold to repay your creditors.
If you are a home owner, your assets include 100% of the equity you own in your property at the time the Trust Deed document is signed. They may also include an expensive car, investments, and any other significant assets. However, normal household items such as fridge freezers and washing machines are excluded.
Trust Deed advertised and circulated to creditors
Following the signing of the Trust Deed document, the Insolvency Practitioner will advertise your Trust Deed in the Edinburgh Gazette. This is a Government publication subscribed to by solicitors, accountants, banks and various other institutions. It is not generally read by the public.
Once the advertisement has been placed, the Insolvency Practitioner will then write to your creditors detailing your financial circumstances, explaining the Trust Deed process and setting out the likely amount that they will be paid over the lifetime of the Protected Trust Deed.
Creditors have 5 weeks from the date of the advertisement to object to the terms proposed by the Insolvency Practitioner. Provided that no more than one third in value or a majority in number of your creditors object to the terms proposed, the Trust Deed will become "Protected", binding all creditors to its terms.