Trust Deed - Scotland offer an online advice service for those individuals experiencing financial difficulties. Our team of experienced and trained staff members have a breadth of knowledge across the fields of Trust Deeds, IVA's (Individual voluntary arrangement) and Debt Management Plans.
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A Trust Deed is similar to an IVA, but is used in Scotland. A Trust Deed is a formal agreement between you and your creditors. It passes your assets and property to a Trustee to be administered for the benefit of creditors. This is settled normally within a minimum of 3 years.
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An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.
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The Debt Management Plan provides a mechanism for debtors to repay mutiple debts (two or more debts) in Scotland in a co-ordinated and structured manner.
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