Welcome to the forum apple1607.

There's no general rule saying that you cannot be a Director of a limited company while in a trust deed. You'd just need to make sure that being in this trust deed doesn't contravene the internal rules that your own company has.

This is different to bankruptcy (also know as sequestration) where you cannot be a Director until you have been discharged.

Your pension funds will almost always be entirely safe so long as they're left in your pension.

If there's little equity in your home then there would usually be no issue with remaining in your home. This should be addressed with your trustee before signing the trust deed; a valuation taking place and a plan being agreed to address any equity that is there. In this way you would only go ahead with the trust deed once you were happy that your home will be dealt with acceptably.

These are three really important questions that you've asked and it's clearly very important to feel reassured in all three respects before going ahead.

Hi apple1607 and welcome to the forum.

With £60,000 of unsecured debts you have done the right thing in reaching out for help and advice to deal with the debts.

It is possible to remain as a director of your limited company whilst in a Trust Deed. It’s all to do with the articles of association for the company. We would need to take a look at these to ensure that there is nothing in them regarding a Trust Deed but in the cases I have dealt with recently we haven’t encountered any problems. In a Sequestration (Bankruptcy) you can’t be a director of a limited company until your discharge as TDA has clarified.

Can you tell us of the £60,000 of unsecured debts, do you owe any money to Barclaycard, Nationwide or Clydesdale Bank or Cabot? Reason I ask is these creditors can sometimes be problematic for Trust Deed’s. It doesn’t mean you can’t get a Trust Deed but we just need to be mindful of them.

If you don’t have much equity in your house then this shouldn’t be at any significant risk. This is something you need to clarify in writing with an Expert up front. A valuation should be carried out before you sign into a Trust Deed and a settlement figure for your mortgage obtained to confirm the equity. If you have some equity then you need to agree on how this will be dealt with and paid over into the Trust Deed. This agreement should be confirmed in a statutory form called a Form 1B Agreement in Respect of Heritable Property. Normally if there is some equity then you can extend your payments at the end of 4 years to pay this over. If you have no equity then your property isn’t at any risk.

As TDA has advised your pension wouldn’t be at risk providing you didn’t look to draw this down during the period of your Trust Deed.

Do you have any other assets?

To confirm if a Trust Deed is suitable (along with alternative options such as a Debt Arrangement Scheme) you will need to work through a very thorough income and expenditure to see what you can afford to pay per month towards a plan with a qualified Expert. Creditors are required to accept a Trust Deed / Debt Arrangement Scheme so you need to be in a position to pay a payment per month which they are happy with. Do you know how much you could afford to pay per month to a plan if you didn’t have to pay all of your individual debts?

Try not to worry too much or over think things. From the information you have told us so far you do have options available, it’s just taking your time and speaking with an Expert to work out which option best suits your circumstances. Kevin or I the two Experts on the forum would be happy to help you with this.