I’ve been to Citizens’ Advice but I don’t believe they can help me with my level of debt which is around £20,000 on credit cards, car finance, payday loans, and a standard loan. Applying for a trust deed has been on my mind for some time but I’m concerned that all creditors may not agree to my trust deed? What if one of them doesn’t agree?

Creditors do not have to agree to your Trust Deed as you can have an Unprotected Trust Deed which is not binding on your creditors.  Once you have signed a Trust Deed the Trustee will enter an extract notice on the Register of Insolvencies and then write to your creditors providing them with a copy of your proposals.  Your creditors have a period of five weeks to accept or object to your Trust Deed.  If more than half in number or one third in value of creditors object to your trust deed it will fail to reach protected status.  This however could result in a creditor taking action against you which may result in sequestration.