The aim of a Trust Deed is to provide your creditors with a better solution than if you were to be sequestrated (a legal state known elsewhere in the UK as bankruptcy), and it is the Trustee's job to help you to use your available funds and assets to pay off as much of your debt as you reasonably can. Usually, creditors will accept a repayment proposal that is less than the full amount as long as you can show you are taking steps to solve the problem. Generally a PTD lasts for 3 years.
Only relevant to those residing in Scotland, a Trust Deed is a legally binding agreement that creates a clear path toward financial stability.
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