A Protected Trust Deed is the equivalent of an IVA in Scotland. It is a voluntary and legally binding agreement between you and your creditors in which you agree to repay part of what you owe. This repayment is normally in the form of regular payments from your income and the surrender any valuable assets that you may have (such as equity
from your property).
If you have no assets, it is possible to undertake a protected trust deed based on just regular payments from your income.
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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Protection from creditor action and debt written off
Once a Protected Trust Deed is in place, and as long as you stick to its terms, your creditors cannot take any further action against you to recover their debts. For example creditors can no longer take court action resulting in an attachment of earnings and warrant sale of household goods or a petition for your bankruptcy.
You will normally be asked to make payments from your income for a period of up to 3 years. After this and any agreed assets have been surrendered, all outstanding debt will be written off by your creditors and you will be left to continue with your life debt free.