What is a...

Trust Deed

A Trust Deed is a type of Scottish insolvency, in which the debtor’s assets are controlled by a trustee so payment can be arranged for creditors.

How do I check the status of my Trust Deed?

You can check which Credit Reference Agencies are reporting your Trust Deed by viewing your Multi Agency Credit Report. checkmyfile collects your data from Equifax, Experian, TransUnion, and Crediva onto a single report, ensuring you don’t miss anything important.

You can try it free for 30 days, then for just £14.99 per month. Cancel easily online at any time.

How long does a Trust Deed affect my Credit Report?

Any insolvencies, including Trust Deeds, severely damage your creditworthiness. They are harmful entries that stay on your Credit Report for six years from the start date. They will then be removed once these six years pass, and the record has been marked as ‘Discharged’.

Note that most Trust Deeds are ‘active’ for three years, but the entry on your Credit Report will still exist for six.

Trust Deeds are often preferred to sequestration (Scottish bankruptcy) by both creditor and debtors, as Trust Deeds are less costly to administer and are more flexible, although they are still regulated by the Bankruptcy (Scotland) Act 1985.

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