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03 Dec 2021, 18:03 GMT+10
A trust deed is a consensual arrangement for both you and your creditors, or persons to whom you owe money. You commit to pay a certain amount to your obligations on a regular basis, with the remainder of your debts being wiped off at the completion of a set period of time.
All of your possessions and property (your liabilities) are given to someone who will manage your finances. They are referred to as your trustee. The trustee's goal is to repay your debtors as much of the amount as feasible.
This may include the sale of some of your possessions or property in order to repay your creditors with the proceeds.
If the plurality of creditors agrees with the conditions of the trust deed, it might become 'protected.' This implies that all creditors are bound by the trust agreement and cannot take further action to reclaim the money owing to them.
If a credit agreement is not 'secured,' it will not obligate every one of your collectors, and they may still pursue you for the money you owe them.
If you have the following, a trust deed may be an alternative for you:
Secured trust deeds provide the following advantages:
You'll normally need enough money left over after paying for necessities (referred to as discretionary income) to make a payment on your indebtedness.
If your primary source of income is perks, you won't be able to put up a trust deed. If you have other sources of income in addition to benefits, any payment you submit to your arrears cannot include revenue from your perks.
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