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Questions asked regularly and interesting questions asked elsewhere on Beat My Debt are posted here for the benefit of all.
By Beat My Debt
#682
A Trust Deed usually lasts for a three year period. This is in line with the current period of a sequestration (The Scottish term for Bankruptcy). However, in certain circumstances, this period can be shortened if you pay the Trust Deed off with a lump sum, either by remortgaging or borrowing money from friends or family. The period may also be extended to offset equity in your house which should otherwise be released. Sometimes it is possible to undertake a Trust Deed with a lump sum alone, without any monthly payments thus completing the Trust Deed almost as soon as it starts.