Hanover Sterling Limited - Trust Deeds
A Trust Deed is a legally binding voluntary arrangement, available only in Scotland, which offers debtors an alternative to bankruptcy (sequestration).It is designed to enable those who cannot repay their debts a way to establish, with the aid of a Trustee, a monthly repayment schedule based on what the debtor can afford to pay. The Trust Deed will last for a specified period, usually three years. When the specified term of the arrangement comes to an end, any remaining debts are written off.Trust Deeds are only applicable where a debtor does not have enough disposable income (the surplus money after day-to-day living expenses) to meet his/her unsecured contracted credit repayments.