Trust Deed

The Register of Insolvencies is a public register that documents Trust Deeds until five years after the discharge date and includes personal details.

Joint Trust Deeds don’t exist, however, if you want to run a Trust Deed that encompasses debts as a couple, this will be two individual Trust Deeds.

If you live in Scotland and are finding it difficult to keep up with debt repayments, you may be eligible to enter a Scottish IVA (Individual Voluntary Arrangement).

Borrowing money when you’re already deeply in debt requires careful consideration, and consultation with your trustee, as there are various factors associated with further borrowing in this situation that can make you vulnerable to court action.

If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step.

Part of an insolvency practitioner’s duties in administering your Trust Deed is to establish eligibility to claim PPI.

The re-opening of Trust Deeds has become a contentious issue in Scotland. Debtors who assumed that, having been discharged from their Trust Deed, no further action would be taken in relation to their insolvency.

It is easy to see why a trust deed and a deed of trust may be confused with each other, however, in reality they are entirely different things and you should know the differences between the two if you are considering entering into a trust deed or any other formal debt solution.

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors. It is negotiated and set up by a licensed Insolvency Practitioner (IP), who administers it over the full term.

Being in debt as a sole trader can be particularly concerning because you are personally responsible for the debts of your business.

Entering a Trust Deed or Sequestration (Bankruptcy) will be recorded on the Register of Insolvencies which is publicly accessible, including these details.

Inhibition in Scotland is a type of ‘diligence’ or debt enforcement that involves obtaining an order of the court. It protects creditors’ rights to be repaid should property or land owned by their debtor be sold, or cash generated by remortgaging.