An Individual Voluntary Arrangement (IVA) only applies to England, Wales and N. Ireland. Scottish legislation is slightly different and provides for a similar financial instrument called a Protected Trust Deed or a Deed of Trust.
The Trust Deed is a legal process similar to that for an IVA and in order to qualify you must actually be resident in Scotland. The Trust Deed provides a similar remedy to an IVA in that it has been specifically designed to help Scottish consumer debtors restructure all of their unsecured borrowings in order to avoid bankruptcy.
A Trust Deed is designed to last for a minimum fixed period of 48 months whereas an IVA usually lasts for 60 months or more. At the end of the Trust Deed period all remaining debts are completely written off and the debtor is then entirely legally debt free.
If you are based in Scotland and would like some further information and advice on how to obtain a Protected Trust Deed then please do not hesitate to call us on 0800 043 5 043 or complete our confidential enquiry form.
Answer a few simple questions and we'll help you find your solution.
Total unsecured debt : £4000