What is the Register of Insolvencies and will my Trust Deed appear on it?

Will details of my Trust Deed be publicly available?

The Register of Insolvencies is a public register that documents Trust Deeds and sequestration ‐ two official debt solutions that are entered into in Scotland. A further register also exists, but this is for a different debt remedy called the Debt Arrangement Scheme, or DAS.

The Accountant in Bankruptcy (AiB) oversees the Register of Insolvencies, ensures that it is up‐to‐date, and that entries are accurate. So if you're considering a Trust Deed to escape serious debt, what do you need to know about the Register?

What details are recorded in the Register of Insolvencies?

Your Trust Deed will appear in the Register of Insolvencies until five years after your discharge date. The details recorded include:

• Your name
• Your address
• Date of birth
• Date when the Trust Deed started
• Your trustee’s name
• Date of discharge from the Trust Deed

This level of detailed information minimises the chances of search results being misinterpreted ‐ if you have a commonly seen surname, for example. The typical length of a Trust Deed is 48 months, but they can last for 60 months depending on the circumstances, so your Trust Deed could be viewable on the Register for 9‐10 years.

How to improve your financial profile once the Trust Deed has ended?

These are just two ways in which you can positively affect your credit rating in these circumstances:

• Ensure that you receive a Completion Certificate on exit from the Trust Deed. It's worthwhile chasing this up if you don't receive it as it may be needed to demonstrate to lenders or other financial institutions that you’ve completed the process successfully.
• You can rebuild your credit file and improve your credit rating over time by applying for a credit builder credit card. If you use it carefully for regular spending, such as monthly food or fuel, and then repay the balance in full without fail, you’ll build a stronger credit rating and be more likely to be accepted for a loan in the future.

Scotland Debt Solutions can provide more guidance on Trust Deeds and the Register of Insolvencies. For more information and to arrange a free, same‐day meeting, please contact our team. We operate offices around Scotland, and can quickly provide the independent advice you need.