After your Trust Deed is registered, all creditors have the opportunity to object. However, if either a majority in the number of creditors or a creditor with over 33% in debt value object within five weeks, then it can fail to become protected. If they don’t object your Trust Deed will be presented to the AiB for protection.
Getting your Trust Deed protected means that your creditors can no longer pursue you or take any action to recover the debt. If your biggest creditors don’t agree to your Trust Deed, it’s not ‘Protected’ and therefore not legally binding.
At Trust Deed Scotland® we have a 99% creditor acceptance success rate for protection and we make the entire process as transparent and stress-free as possible.
If we can see a risk that a Trust Deed may not gain protection, we will always try to manage your expectations and let you know beforehand. In some scenarios, a Debt Payment Programme under the Debt Arrangement Scheme (Scotland) may be more appropriate for your needs.