Protected Trust Deed
A Trust Deed is a legally binding agreement between you and your creditors, whereby you agree to transfer all of your assets and liabilities to an Insolvency Practitioner, who will act as your Trustee. Your income & expenditure is assessed and a contribution agreed. You will make this contribution for a period of 48 months and thereafter, the remaining debt is written off. Your creditors are given 5 weeks to decide whether to accept or reject the proposal and as long as most of your creditors agree, the Trust Deed becomes protected. This means that your creditors can not take any action against you for recovery of a debt included in the Trust Deed and all interest and charges are frozen. Facts; Freezes interest and charges Protects you from creditors taking legal action to recover the debt Any debt you cannot afford to repay is written off Debt free quicker 48 low payments any debt left over is written off write off up to 80% of unsecured debts