If you only have income from benefits, and you have no assets, I can't see why a trust deed would be better for you than bankruptcy.

A trustee in bankruptcy wouldn't be able to take a contribution (Income Payment Agreement) from your benefits. You'd be discharged after one year - although there is the risk of a BRU, based on the information you've given in your other posts.

A trustee in a trust deed could take a contribution from your benefits. In fact, if that's the only way you can fund the TD, the trustee will take a contribution from your benefits.

Most TDs run for three years, some can be longer. You'd be paying the contribution for as long as the TD lasts. That's a big commitment for anyone - but for someone who only receives benefits, the contribution can take a huge chunk out of the money you have coming in each month.

You wouldn't get a BRU in a trust deed. But, to be honest, the BRUs for gambling that are listed on the AiB website seem to be for a couple of years only. So you could still be discharged from bankruptcy and BRU more quickly than you'd be discharged from a TD.

I am personally very, very uncomfortable with the ethics of taking a contribution from benefits, and I know that the AiB guidance suggests that trustees shouldn't do it.

Hi sleeplessnights.

I'd suggest having a read of this thread started by Reidy1982.

It's quite long, but also very apt I think:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=1849

Thank you for this information. Was a very interesting read. Glad I found this site it has been very helpful. Thank you