▪️paying regular contributions – you will have to pay contributions towards your debts for at least 4 years
▪️credit rating – having a trust deed will affect your credit rating for 6 years from the date the trust deed begins. This can make it harder to get credit like a mortgage or a loan in the future
▪️selling your belongings and property – you may have to sell some of the things you own (your assets) such as your home
▪️you can’t be a company director – you can’t be the director of a limited company unless the terms of your trust deed allow it
▪️self-employment – you might not be able to carry on running your own business. The trustee might arrange for someone else to run the business or they might sell the business
▪️new money or property – if you receive any new money or property within 4 years of the start of your trust deed, these can be claimed by your trustee. Examples include PPI compensation or an inheritance
▪️cooperation – if you don’t cooperate with your trustee, they can apply to make you bankrupt.