Trust Deed process

Most debt solutions can seem complicated so we have tried to explain the process. Please call us on 0800 048 1768 if there is anything that you are unsure about or if you would like more information. You could also do our quick 1-Minute Debt Test.

Trust deed process

1. Write down all the details of your creditors and all the money that you owe them. Also calculate how much you can afford to pay back every month.
2. Consult an Insolvency Practitioner - also known as an IP or a trustee. He or she will contact your creditors and offer a proposal. This will only be done if your circumstances are suitable and you meet the criteria.
3. Your Trust Deed will only be accepted if those creditors who own more 2/3rds  of your debt agree to the proposal. Your creditors cannot take any further legal action against you if the trust deed had been registered as 'Protected'. This also means that the charges on your account are frozen.
4. Relax – your IP will receive creditor correspondence and he or she will deal with this for you. You only need to pay your monthly Trust Deed, mortgage and other secured debt payments. You will not be allowed to take out any further credit and you must let your trustee know of any changes to your finances. This will be enforced for the duration of your trust deed.
5. You keep up to date with your payments for 36 months.
6. You are debt free.