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Trust deed

Getting a trust deed. How to apply

You cannot apply for a trust deed on your own. A 'trustee' helps you with your application. You must get debt advice to find out if a trust deed is right for you.

A protected trust deed is a Scottish debt solution which is similar to an IVA.

You make affordable payments for four years. Any debts you still have are written off after.

StepChange Scotland can arrange trust deeds.

We can help you wherever you are in Scotland.

We provide free debt advice tailored to your needs, in line with Scottish debt law.

Find out more about StepChange Debt Charity Scotland.

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Considering a trust deed?

We can help. Free, online debt advice available now.

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Can I get a trust deed?

To be able to apply for a trust deed, you need to:

  • Have unsecured debts of at least £5,000, and
  • Be able to make regular payments over a fixed period

A trust deed is similar to an individual voluntary arrangement (IVA) in the rest of the UK. It has different benefits, risks and fees.

Get free and impartial debt advice before going ahead with any solution.

Trustees for trust deeds

A ‘trustee’ manages your trust deed. They are also sometimes called ‘insolvency practitioners’.

First, your trustee looks at:


  • How much you can afford to pay
  • If any of your 'assets' will be sold. Assets are items of value

You normally have to sell any asset worth more than £1,000.

You may not have to sell a property with less than £20,000 equity in it.

You may be asked to:


  • Release equity on your home or
  • Extend your trust deed by a year

The trustee contacts all the people you owe. They explain how much you can pay through your trust deed.

Your trust deed becomes a protected trust deed (PTD) when your creditors agree.

Your trustee runs the trust deed for you and pays the people you owe. You do not have to talk to them again.

Completing your trust deed application

Your trustee completes your application for you.


  1. They ask you for information about your finances
  2. They check it and ask you to sign it
  3. They send it to the people you owe
  4. It is accepted if half of the people you owe agree to it
  5. The trustee takes their fees and costs from your payments and from the sale of your assets

Choosing a trustee: StepChange recommends trusted trustees to help you if you choose us.

What people ask us about getting a trust deed

What debts are included in a trust deed?

A trust deed includes most 'unsecured' debts, like credit card debts, overdrafts and personal loans.

The trustee includes any household arrears in your trust deed. This could be council tax or utilities arrears.

Some debts cannot go in a trust deed. These include:


You can ask for secured loans to be included. But your creditors may not agree.

Your trustee will advise.

How much does a trust deed cost?

There are no up-front fees for a trustee StepChange works with.

Trustees take their fees directly from your payments. The rest is shared among the people you owe.

Ready to find out more about getting a trust deed?

Get debt advice online now.

What happens at the end of a protected trust deed?

It usually runs for four years. All the remaining debt included is written off at the end.

Find out more about how trust deeds work.

Will a trust deed affect my credit file?

It shows on your credit file for six years.

It is also listed in the Register of Insolvencies.

This makes it harder to get credit during this time.

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Looking at a trust deed?

We can help. Free, online debt advice available now.

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Can you get a trust deed twice?

Yes, you can. But you must have completed the earlier trust deed first.

Can a trust deed be cancelled?

No, it cannot be cancelled. But your trustee may be able to help if you are worried about payments.

The may be able to:


  • Give you a short payment break
  • Extend the term of your trust deed so you have longer to pay
  • Lower your payments

Talk to your trustee if you are worried about your trust deed. They can be flexible if it is not working for you.

A trust deed can be 'terminated' if you do not pay what you owe. This means:


  • You are no longer protected from the people you owe
  • They can take action to collect money you owe

Your trustee could apply to make you bankrupt. They do this if they think it is in the best interests of the people you owe.

Can an accountant prepare a trust deed?

They can only do this if they are a trustee.

What restrictions do I have on a trust deed?

You must:


  • Tell the lender about your trust deed if you apply to borrow more than £2,000. Even if you are applying with a partner
  • Make sure you work with your trustee and do what they tell you to do
  • Let your trustee know if your situation changes

Is a trust deed right for you?

Use our free online debt advice tool to find out if a trust deed is right for you.