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26.02.2018

Trust Deed Eligibility

As a formal and legal debt solution, the criteria for being able to enter into a Trust Deed is fairly strict.

You must:

  • Live in Scotland, either now, or in the last 12 months. You could also have a place of business in Scotland
  • Have unsecured debts more than £5,000 in total
  • Be able to pay a monthly contribution due to having a sufficient expendable income. A general rule for this is that your Trust Deed will allow for at least 10% of your debt to be repaid. However, this does not guarantee that your Trust Deed will be accepted and become ‘protected’
  • Be insolvent. In other words, is unable to pay back their debts as your liabilities are greater than your assets

If you don’t meet this criteria, however, don’t worry. There are plenty of debt solutions available. For example, if you are not eligible for a Trust Deed because you are not resident in Scotland, an Individual Voluntary Arrangement could be suitable for your circumstances; or if you are not eligible for a Trust Deed because you have less than £5,000 in total debts, you could benefit from a Debt Arrangement Scheme. There are many options for a variety of situations, so don’t hesitate to contact us to find out more.

Write off debts you cant afford
Find out if you're eligible

Please select the total sum of your debt

Less than £6,000
£6,000 - £20,000
More than £20,000

How many creditors do you have?

less than 2
2 or more

What kind of debts do you have?

Credit Card
Store Card
PayDay Loan
Catalogue
Personal Loan
Overdraft
Gas/Electric/Water Arrears
Income Tax / National Insurance
Tax Credit/Benefit Overpayment

What type of property do you live in?

Owned
Rented
Private Rented
Living With Parents

Where do you live?

Scotland
England
Wales
Northern Ireland

At Creditfix we will only use your personal information to conduct your debt help application. You will be called by a member of the Creditfix team who will give you information on insolvency solutions. Creditfix will also send you an email and SMS to pass on a welcome pack.

If you consent to us contacting you for this purpose, please tick here