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A protected Trust Deed very similar to an IVA but for residents of Scotland . It is a legally binding agreement between you and your creditors and will usually last 3 years. It is regulated by The Bankruptcy Act 1985 (Scotland) and offers an alternative to sequestration (bankruptcy).
An Insolvency Practitioner will make a formal proposal to your creditors detailing your monthly payment offer. Once accepted, the Trust Deed becomes legally binding on all creditors and prevents them from proceeding with a sequestration petition or any further action.
Even those creditors who did not agree will be bound by the arrangement as long as a majority vote is obtained.
For more information and advice, contact us online or call us now on 0800 473 0636
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Registered office: 1 Maple Road, Bramhall, SK7 2DH (Photography Credits)
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