When a trust deed is accepted by your creditor proposed by your trustee you trust deed is protected. A
protected trust deed gives you the chance to make an affordable monthly payment of your debt for
three years and once the period is over you can credit again. In the meantime your creditor cannot
charge you any more bills. Your creditors cannot contact you or disturb you anymore. Your trustee will
set an amount of money in your reach to pay in a monthly scheme towards your creditors and they have
to be satisfied with that money. A protected trust deed stops your creditors even from suing you in the
Protected Trust deed is alternative of Bankruptcy: A protected trust deed saves you from going for
sequestration. If you think that it is better that you go on bankrupt then stop, think again. There is a last
chance that can stop you from harassment of being bankrupt. Contact to a trustee who is also called
Insolvency Practitioner and seek for advice.
How does it work? When you decide that you are going for protected trust deed you have to contact a
debt advisor company who will refer you an Insolvency Practitioner well known as trustee. Your trustee
will go through your debts and your income. He will set a minimum affordable monthly payment. Then
he will present the proposal to your creditors. A voting will be held. The majority of the creditor will
decide what to do next. It should be kept in your mind that the creditors will agree if there is enough
reasons to believe that this will pay them better instead of the payment would arise if you go for
How much time does it take to get a trust deed? It takes 4 to 6 weeks to create the draft of the
proposal to be made to your creditors. Once you provide all information to your trustee he would take
this time to make a set for you and decide a monthly payment amount to pay your debt. After he
presents a proposal to your creditors it would take not more than 2 weeks to set a meeting for voting.
When you are free from obligations? The Protected trust deed lasts for three years. Then you are
free to credit again. Once it is protected creditors you r interest and charges will freeze.