How Does a Trust Deed Work?
How Does a Trust Deed Work?
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A Trust Deed is a legally binding agreement between you and your creditors to pay back a portion of the money you owe over a set period of time (usually 4 years). At the end of the agreement, if you have followed the conditions of the arrangement, any remaining debt will be written off.
A Trust Deed needs to be handled and processed by an Insolvency Practitioner who will take on the role of ‘Trustee’. They will check your circumstances and decide whether you qualify a Trust Deed. If you are deemed suitable, they will inform your creditors and follow the remainder of the process.
To find out more, take a look at our Trust Deed page
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Credit to source IVA4Me.co.uk at How Does a Trust Deed Work?