Reduce your monthly debt repayments with a Trust Deed

A Trust Deed is a debt solution that reduces your monthly repayments and can write off a large amount of your total debt. Please note, this is only available to people living in Scotland.

By entering into a Trust Deed, you will be agreeing to a legal contract whereby the creditors included in your Trust Deed can no longer chase you during its duration. However, you must keep up with the agreed repayments before any debt is written off at the end of the term.

How do I qualify for a Trust Deed?

To be eligible for a Trust Deed, you need:

  • To live in Scotland
  • Have more than £5,000 of unsecured debt
  • Are employed/self-employed with at least £50 surplus income each month

Do you fit the above description? Call us today and we’ll be happy to discuss your options with you.

What should you consider before entering a Trust Deed?

Here’s a list of benefits and considerations to take into account before deciding if a Trust Deed is the best debt solution for you.

Benefits of a Trust Deed

  • You’ll pay less towards your debts each month than you are now
  • You will no longer be hassled from creditors as PayPlan will speak to them on your behalf
  • Unsecured debts will be written off after the formal completion of your Trust Deed
  • Interest and charges are frozen on the debts included in your Trust Deed.


  • Your credit rating will be affected by agreeing to a Trust Deed
  • You will be recorded on the public Register of Insolvencies
  • You may be asked to re-mortgage your property or sell assets to raise funds for your Trust Deed
  • There is a small risk of bankruptcy if you cannot keep up with your Trust Deed repayments

How can I apply for a Trust Deed?

If you think a Trust Deed is right for you, it couldn’t be easier to apply for one. Here’s how it all works:

  • Use our free online debt solution tool or call our team on 0800 316 1833 . We’ll go through your finances together and work out if a Trust Deed is right for you.
  • If we feel a Trust Deed is suitable for you, we’ll work out a monthly repayment plan and agree this with you.
  • We will put this proposal forward to your creditors for them to approve. If they agree, all you have to do is keep up with your agreed repayments. We’ll do the rest!

Find a debt solution that works for you

Our advisers will be happy to talk you through all the debt solutions that are available to you, whether you live in England, Scotland, Wales or Northern Ireland. Get in touch with our team today by calling 0800 316 1833 or use our free online debt solution tool.

Your Trust Deed questions answered

Available to residents of Scotland, a Trust Deed is a legally binding formal agreement between you and your creditors to repay some of your unsecured debts. To be accepted for a Trust Deed, you must speak to a debt adviser to find out if you are eligible.

A Trust Deed can cover the majority of your unsecured debts, but often you may enter this agreement in order to pay back bank loans, credit cards, council tax arrears and other credit. You can pay back multiple creditors with a Trust Deed and there is no limit to the amount of debts you can include in the agreement.

You may be asked to release equity in your property in order to raise funds towards your Trust Deed. If you fail to keep up with your Trust Deed repayments, then there is a small risk that you could be made bankrupt. This means you risk losing your house and other saleable assets to repay the debts you owe.

By entering into a Trust Deed, you accept that this will be published on the Register of Insolvencies, which your employer could view. In addition to this, a Trust Deed will remain on your credit file for six years (from the date it began) and lenders will be less willing to lend to you at a competitive rate of interest until your credit score improves.

You could qualify for a Trust Deed if you live in Scotland and have more than £5,000 of unsecured debt. You should also be employed or self-employed with at least £50 surplus income each month.