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What is a trust deed?
A trust deed is a voluntary agreement with your creditors (the people you owe money to) to repay part of what you owe them. A trust deed transfers your rights to the things that you own to a trustee who will sell them to pay your creditors part of what is owed to them. A trust deed will normally include a contribution out of your income for a specified period, this is usually 36 months but can vary.