What is a trust deed?
A trust deed is a voluntary agreement with your creditors to repay part of what you owe them.
A trust deed transfers your rights to the things you own to a trustee who may sell them to pay your creditors part of what is owed to them. A trust deed will normally include a contribution out of your income, usually for four years.
Your trustee must be a qualified insolvency practitioner (IP). Insolvency practitioners are regulated by law and must be members of an approved governing body.
An ordinary trust deed is not binding on creditors unless they agree to its terms.
Your creditors will need to agree to the trust deed before it becomes protected.