Regulation 4 Amendment of the Protected Trust Deeds (Scotland) Regulations 2008

After regulation 5 (qualifications of trustee), insert—

“Exclusion of a secured creditor

5A.

Where a secured creditor is excluded from a trust deed under section 5(4A)(b)(ii) of the Act, prior to the debtor granting the trust deed—

(a)

the trustee must provide the debtor and the secured creditor with a valuation made by a third party of the debtor’s dwellinghouse (or part thereof) which is to be excluded from the trust deed under section 5(4A)(b)(i) of the Act;

(b)

the debtor must consent in terms of Part 1 of Form A1 set out in Schedule 1 to these Regulations; and

(c)

the secured creditor must consent in terms of Part 2 of Form A1 set out in Schedule 1 to these Regulations.”.