What is a Trust Deed? (scotland only) client must have minimum of 2 credit agreements with debt of £10,000 plus client must have disposable income of £150 A legal agreement under The Bankruptcy (Scotland) Act 1985 Handled by a licensed Insolvency Practioner – Grant Thornton An agreement with the creditors to accept the proposal The proposal is for the lenders to accept a lower amount than the amount outstanding based on what the client can afford over 36 months payment calculated on disposable income before unsecured debt payments potential to reduce payments up to 70% or more lump sum payments can be made interest on all accounts will be frozen all outstanding credit will be fully paid off after 36 months lenders cannot take legal action Grant Thornton manage payments on behalf of client there is no upfront fee payable by the client