Welcome to the trust deed forum toto9264.

It's quite likely that your creditors would accept such a sum via a trust deed. Funding a trust deed with a lump sum rather than monthly contributions isn't uncommon.

Acceptance might depend on the actual creditors concerned (and also the fees that the company you select to help you propose to charge). Could you let us know who you owe money to?

Having a lump sum in itself doesn't mean that a three year trust deed will be avoided. If monthly trust deed payments were affordable then they would be expected to be made in addition to the lump sum. However, as you are not currently working I don't think that any contributions are likely to be required in addition to the lump sum. This would all be sorted out before you made any kind of final commitment to go ahead anyway.

Hi toto9264

It is extremely difficult to get all creditors to accept a reduced payment in a full and final settlement agreement, unless there are perhaps 1 or 2 creditors.

The Trust Deed would at least bind them legally to an agreement for a reduced payment.

Hope this helps.

Mark

thanks for advice i have 2 creditors RBS and MNBA

I think the acceptance criteria for both these creditors is entirely clear toto9264.

A good trust deed provider should be able to provide you with a very clear expectation as to whether a trust deed will be acceptable to your creditors based upon your circumstances. I suspect that it will be.