Who can apply for a Protected Trust Deed?
A Protected Trust Deed is only available to people who live in Scotland. Technically, there is no minimum or maximum debt level required to qualify, however, it is generally accepted that an unsecured debt of at least £10,000 should be owed before a Protected Trust Deed becomes a viable option, and there ought to be at least 3 creditors that the debt is owed to. The applicant can be employed or self employed, but being a company director is not allowed and therefore a company director would need to resign his directorship if he wanted to enter into a Protected Trust Deed.
