Credit Unions (Trust Deeds)

Part of Enterprise, Lifelong Learning and Transport – in the Scottish Parliament at 2:17 pm on 9th March 2006.

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Photo of Allan Wilson Allan Wilson Labour 2:17 pm, 9th March 2006

We are satisfied that both measures fulfil different, though related, needs. Credit unions supply a preventive measure against debt by providing single-source savings and lending whereas trust deeds offer debt redemption for debts that have been accumulated. The proposed trust deed reform will help creditors such as credit unions by introducing a new minimum payment and a cooling-off period if a trust deed is not protected, so that debtors can examine other options.