What exactly is a Trust Deed?
It is the Scottish answer to an IVA, a debt option between you and your creditors. By using a Trust Deed you agree to pay as much as you can out of your debt over a period of time. A Trust Deed is better than a Sequestration because it only lasts for three years and at the end of this period all your debt will be written off.
The conditions of your trust deed are usually specific to your case and if a Trust Deed becomes active it will be legally binding.