Table of Contents
- What Is a Trust Deed and Who Can Use One?
- What Should I Look for in a Trust Deed Provider?
- 1. Regulation and Experience
- 2. Transparent Fees
- 3. Clear Communication and Real Support
- 4. Independent, Honest Advice
- 5. Wellbeing and Aftercare
- Red Flags to Avoid
- How PennyPlan Supports Scottish Clients Differently
- Start Your Trust Deed Journey with PennyPlan
Setting up a Trust Deed can be a big step towards getting on top of your debt, but the company you choose to manage that process really matters. A poorly guided plan can lead to confusion, missed payments, or added stress. Choosing an experienced, regulated provider helps make sure everything runs smoothly from the start.
For people in Scotland, finding a trustworthy provider can make the difference between a smooth experience and years of unnecessary stress. In this guide, we walk through what to look for in a good Trust Deed company and the signs that something might not be right.
What Is a Trust Deed and Who Can Use One?
A Trust Deed is a formal debt solution that’s available only in Scotland. It lets you combine your unsecured debts into one affordable monthly payment, usually over four years. When it ends, and as long as you’ve kept to the terms, the rest of what you owe can be written off.
Trust Deeds are always handled by a licensed Insolvency Practitioner, known as a Trustee. They deal with your creditors and make sure the arrangement runs properly. Because of that, choosing a firm that’s fully regulated and experienced is essential.
What Should I Look for in a Trust Deed Provider?
When weighing up providers, the key is to find a company that’s open, qualified, and genuinely interested in helping you move forward.
Any good Trust Deed company, like PennyPlan, will explain your options clearly, take time to understand your full financial picture, and make sure the plan is realistic. They’ll walk you through what a Trust Deed involves, what it means for your credit, and how it fits alongside other Scottish debt solutions like a Debt Arrangement Scheme (DAS) or Sequestration.
1. Regulation and Experience
Only licensed Insolvency Practitioners can manage a Trust Deed. It’s important to ensure your chosen firm is regulated by an official body like the Insolvency Practitioners Association (IPA) or ICAS.
It’s also worth asking how long they’ve been supporting Scottish clients and how their process works day to day.
At PennyPlan, every Trust Deed is managed by regulated Insolvency Practitioners with decades of experience in debt solutions across the UK.
2. Transparent Fees
Reputable companies won’t ask for money upfront. All fees (known as nominee and trustee fees) come out of your regular Trust Deed payments. If a company asks for setup costs before your plan begins, it’s best to walk away.
At PennyPlan we are fully transparent about every cost involved and confirm all details in writing before any plan goes ahead.
3. Clear Communication and Real Support
A good provider will explain what’s happening at each stage, in plain language. You should have a named adviser, regular updates, and someone you can contact easily if your circumstances change.
We keep in close contact with our clients, offering honest updates and quick responses throughout the term of your Trust Deed.
4. Independent, Honest Advice
Before recommending a Trust Deed, an adviser should take time to explore all your options – including a Debt Arrangement Scheme (DAS) or Sequestration (bankruptcy) to see if they’re more suitable.
That approach, known as best advice, ensures the solution fits your situation rather than the company’s commercial model. At PennyPlan we follow this principle with all our clients, providing clear, regulated advice based on individual circumstances.
5. Wellbeing and Aftercare
Debt can cause a huge amount of strain, and when stress builds up, navigating the way back to financial stability is even trickier. The best Trust Deed companies will recognise that and build ongoing support into their service.
This is why we include free mental wellbeing support within each Trust Deed plan. Our clients can speak to trained wellbeing advisers at any time, helping them manage stress and focus on getting back on their feet.
Red Flags to Avoid
If you’re looking for the right Trust Deed company to help deal with your debt, it’s always worth checking the Insolvency Practitioner register on the UK Government website. A legitimate Trust Deed provider will always be listed here. However, there are clear warning signs a company may not be genuine.
Requests for payment before any advice is given
Unrealistic claims such as “guaranteed debt write-off”
No mention of the Insolvency Practitioner’s name or qualifications
A history of poor or inconsistent customer reviews
Introducers who seem unregulated or unclear about who they represent
How We Support Scottish Clients Differently
At PennyPlan, our approach is built around transparency, professionalism, and care. We ensure all our client’s plans are overseen by a licensed Insolvency Practitioner, with no hidden fees and regular communication throughout.
With our Scottish clients, we provide detailed advice on all of the available debt options, including Trust Deeds, to make sure the solution chosen genuinely fits each person’s needs. We believe including mental wellbeing support sets us apart, offering practical and emotional guidance to help our clients cope with their financial situation.
Start Your Trust Deed Journey with PennyPlan
If you’re struggling with debt in Scotland, we can help. Finding the right Trust Deed company is about choosing people you can trust to look after your finances and your wellbeing.
At PennyPlan, qualified advisers help Scottish residents explore every option available and set up plans that are realistic, fair, and fully regulated. We can help you with various types of debt like council tax, credit cards, bank debt and more.
Our support continues for the full term of the Trust Deed – talk to our team today.
