I have huge personal debts after my self-employed business ran into difficulties two years ago. I have been looking into an ‘official’ debt management plan as I am constantly fighting to keep my head above water and I’m no nearer to clearing these debts despite monthly repayments. I have come across IVAs and Trust Deeds but not sure on the differences between the two and what would suit me best?

The main differences between and IVA and Trust Deed are that one is an English Debt Relief process and the other is a Scottish debt relief process.  An IVA can only be accessed by English and Welsh residents whereas Trust Deeds are only available for Scottish Residents.  In an IVA you must have minimum unsecured debts of £15,000 whereas a Trust Deed is a minimum of £5000.  The duration is also slightly different in that an IVA generally lasts for sixty months whereas a Trust Deed lasts for forty eight months.