If you agree to pay as much as you can afford over a typical period of three years, the creditors will meet you half-way. The will write off anything you couldn't manage to pay at the end. Sometimes this figure can be significant, even the majority of your debt.

Once a Trust Deed is agreed, all interest on credit cards, store cards and so on is frozen. This means that your debt will not continue to grow.

This is one of the key advantages over sequestration. In the Trust Deed you get debt written off and you can still keep your house, although you may need to release some of the equity for creditors as part of the deal.

Once the Trust Deed is agreed, your creditors will no longer be able to contact you. They are also unable to take legal action against you.

Trust Deed payments are designed to be affordable. Your living expenses are deducted from your earnings and the money you have left is offered to the creditors. In a way, the situation is turned on its head. You are no longer required to pay what the creditors demand - you offer them what you can realistically manage.

In a Trust Deed you have the peace of mind of knowing that every month that passes is a month closer to guaranteed debt freedom. Usually it's just 36 monthly payments - and that's it, you're free.