A Trust Deed is a complex legal process and can seem very complicated. Debts Management understand that you need to understand any debt solution before you sign on the dotted line.

Below gives you a brief explanation of a Trust Deed Process, but for more information please call our expert advisors on 0800 0481 777.

What is the Trust Deed Process?

1: You will need to compile a full list of creditors with all the outstanding debt owed, and how much you can afford to repay each month.

2: Your Insolvency Practitioner (otherwise known as an IP or a Trustee) will go through the list and write to your creditors offering a proposal.

3: If over two thirds of your creditors, by debt value, agree to the Trust Deed Proposal then it will be automatically accepted. From this point onwards all interest and legal action will stop.

4: From here on, you just need to pay your monthly Trust Deed payment, mortgage and any secured debts. Any creditor correspondence will be dealt by your IP.

5: Once your 36 months is up, you can enjoy being debt free!

Terms & Conditions Apply. A Protected Trust Deed (PTD) is for unsecured debts and residents of Scotland only. It should only be considered in extreme circumstances as failure to adhere could result in Sequestration (The Scottish legal term for Bankruptcy). Debt write off applies only to where the PTD is agreed by your creditors and you have completed the, typically, 36 month term. Once your PTD commences, your monthly contribution is fixed and there are no additional fees on top. The fees, paid by your creditors, are taken out of your monthly contributions to your PTD and will be notified to you in advance. Some homeowners may be required to remortgage.