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Debt Solutions

Trust Deed

Scottish Trust Deed

Designed for people in Scotland dealing with more than £5000 of unmanageable debt to multiple creditors, a Trust Deed can allow you to get on top of your debt while writing up to 80% of it off. We can work with you to bring all of your separate debts into one single monthly payment based on your income and assets.

A Trust Deed is a fixed-term agreement, usually lasting for 48 months, throughout which creditors cannot legally attempt to contact you and must go through us, your Trustee, instead. Because the Trust Deed has a fixed timescale any debt that hasn’t been paid off by the end of the four years is written off entirely - assuming every reduced monthly instalment has been paid.

As a formal legally-binding agreement, a protected Trust Deed means that creditors can no longer phone or send intimidating letters in an attempt to get money from you. All correspondence will go through us instead, allowing us to relay only the important information in a clear, friendly manner. Court action against you is also completely out of the question, and they cannot add any interest or fees on top of what is owed when the Trust Deed is established.

Trust Deeds allow you to get back in control of your finances and protecting your home and car, something that isn’t always an option when taking more drastic measures such as filing for bankruptcy.

If you:

  • Live in Scotland, or have lived there within the last year
  • Have over £5000 worth of unsecured debts
  • Are insolvent (unable to meet your repayments)
  • Are able to pay some form of monthly repayment through income or assets

Then a Trust Deed could be a way for you to take back control and start your life debt-free. Let us do the hard work, call our team now for some friendly and impartial advice.



An Individual Voluntary Agreement (IVA) is a formal debt solution for people in England and Wales which can allow you to repay your debts in a single reduced monthly payment over a period of five years. Throughout the process, all fees and interest are frozen and, provided you have met every payment throughout the term, at the end of the agreement all remaining debts are totally written off.

IVAs must be overseen by a licensed Insolvency Practitioner like debt free life. Once we have set up the IVA it becomes legally-binding, meaning creditors no longer have the right to take legal action against you and all communications must go through us – they cannot contact you directly. Creditors are legally required to stick to the terms of the agreement for its duration.

To qualify for an IVA, you must:

  • Live in England or Wales.
  • Owe money to two or more creditors.
  • Have a regular disposable income of around £100 a month (or assets that can be sold for a sum which satisfies creditors).
  • Your debts amount to more than £10,000

Again, a licensed insolvency practitioner is legally required to set one of these up, so if you think you might be eligible give one of our advisers a call for a chat. If you aren’t sure what debt management plan is right for you, or whether or not you qualify for an IVA, we can help. All of our advice is free, and you are under zero-obligation to take things any further after getting some information from us!



A Debt Management Plan (DMP) is a way for those struggling with their unsecured debts to reduce their repayments, allowing them to pay back less each month. As an informal debt solution it is not legally-binding for your creditors, differing from formal processes such as Trust Deeds, IVAs, Sequestration or bankruptcy.

A DMP can be established if lower monthly repayments can be negotiated, based on what you can afford, with your creditors. These reduced monthly bills mean that the repayment period may have to go on longer than the term agreed originally. There is no minimum level of debt required for a DMP.

Debt Management Plans can allow some significant relief in the repayment process, but you will have to pay the full amount owed. Creditors might offer to freeze any additional fees and interest throughout the duration, but this isn’t a guarantee – every situation is different. You will set up a plan with a company authorised by the Financial Conduct Authority (FCA).

If you:

  • Have a relatively stable income that leaves you with some disposable income.
  • Are struggling with debt but could afford to make smaller monthly repayments.
  • Can repay full debt in full over an extended period of time.

Then you might be eligible for a Debt Management Plan.

If you think you might benefit from a DMP or just need some more information then get in touch with one of our team – we are happy to help. Remember, all of our advice is impartial and zero-obligation – the only thing you have to lose is your debt!



Bankruptcy is a formal process for people living in England, Wales and Northern Ireland to declare insolvency (unable to pay back their debts). For those living in Scotland sequestration is your option, which is legally very similar. The process involves handing over all of your assets to your ‘official receiver’ who manages the distribution of your assets to your creditors.

Throughout the process of your assets being distributed your creditors are prohibited from contacting you. This means no more intimidating letters or unwanted phone calls.

Bankruptcy can prove a useful way to make a financial fresh start, but it can put your most important assets, like your home, if you own it, at risk of being sold.

If you:

  • Are unable to repay your debts to creditors due to having assets valued less than what you owe
  • Don’t have the disposable income to be eligible for an alternate debt management scheme, such as an IVA
  • Your debts are not going down, or are getting significantly worse/li>

Then declaring bankruptcy might be right for you. It is a major financial decision and while it can be the right way to go it is essential that you seek professional advice before moving forward.



Sequestration (or Scottish Bankruptcy) is a formal process by which Scots can declare themselves unable to repay their debts, opting to forfeit control of their assets which will be sold in order to satisfy creditors (certain assets can often be protected, and you will be made aware of what is in danger before selling), wiping out as much as 100% of debt.

If you have some disposable income then some of this may also be used in the process. Sequestration does not require the same amount of disposable income as it takes to set up a Trust Deed. Because of this, it may be an option to those who simply cannot afford to set up a Trust Deed.

If you meet the following criteria you may be eligible for sequestration:

  • You live in Scotland or have lived here within the last 12 months.
  • You have debts amounting to over £1500 which you are unable to pay back.
  • You haven’t declared bankruptcy or entered sequestration in the last five years.
  • You can find the £200 it costs to submit your application to the government for review.


Debt Arrangement Scheme:

A Debt Arrangement Scheme (DAS) is a method for people living in Scotland who can pay off their debts but are in need of a little relief. Established by the Scottish government in 2004, DAS has helped thousands of Scots catch up with their creditors without being forced to declare insolvency (the inability to pay your debts in full).

To set a DAS up a Debt Payment Programme (DPP) which you agree with, will need to be organised. This will be tailor-fit for you and will take into account your income and all of your necessary household bills. Unlike a Trust Deed or sequestration there is no set time period for a DPP as it will continue until all of your debts are paid in full. However, while the programme is ongoing all additional fees and interest will be frozen, meaning you will finally see significant progress as the balance you owe begins to fall.

After you have a DAS officially set up it is legally binding. Creditors are not allowed to get in contact with you anymore. The agreement also removes the right for creditors to take any legal action against you.

If you:

  • Live in Scotland
  • Have a regular income
  • Do not owe more money than you can feasibly pay off

Then a DAS may be for you.

About Our Company

debt free life is a Glasgow-based company dedicated to providing clear, sensible and efficient legal debt management solutions to thousands of people across the United Kingdom. Our friendly and compassionate team of over 25 advisers and the staff that support them are always on-hand to provide professional and understandable advice on how we can help you to get back in control of your finances.

We know that every situation is different and will make use of every formal and informal debt management process we have at our disposal. Regardless of what kind of debt trouble you are in, we will have a solution to help ease the pressure. We also understand that dealing with debt can be stressful enough without companies, who are supposedly there to help, pushing their services onto you. All of our advice is absolutely free and zero-obligation. You are welcome just to have a chat with our team, and decide your next step from there.

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