Trust Deeds

All you need to know about Trust Deeds

You’ve already taken the first step to solving your financial difficulties by making contact with us here at Thomas Charles. You’ll be pleased to know that many people find that making the first contact was the hardest step.

Our aim is to help you make an informed decision about where you go from here and after talking it over with one of our advisors, if you’re considering a Trust Deed, what sort of things do you need to know? The below answers should provide you with all the information you need to make that informed decision. If, however, you find you’ve got more questions, just speak to your advisor.

What is a Trust Deed?

A Trust Deed is a legal agreement between you and your creditors. Forming part of the Bankruptcy (Scotland) Act 1985, it is an alternative to bankruptcy. A Trust Deed is suitable for people who are unable to pay their creditors in full, but can afford to make reasonable monthly payments.