The initial signing of a trust deed can be arranged in as short a time as a few days. Once you have signed the trust deed there will be a further period of four to five weeks to allow your creditors to agree to the proposal from the Trustee.
More than two thirds of your creditors need to agree to the trust deed but this occurs in the vast majority of cases. Following this agreement your trust deed will become 'protected' meaning your creditors can take no further action against you should you keep to the terms of the Trust Deed and the arrangement made with the Trustee.
During the period you must inform your Trustee of any change in financial circumstances or if you move home.
