Welcome to the forum jgrumm2002.

It's perfectly possible that protected trust deeds might be suitable for you if you cannot keep up with your existing debt repayments.

Owning and running businesses in no way prevents you from accessing this option.

However, it's not really possible to say whether it's suitable for you necessarily. A debt adviser would need to work through your income, expenditure, debts, and assets with you first. That will give them a good understanding of what debt solution options are available to you.

Even more importantly, the adviser will be able to tell you which options appear to be the most suitable for you - there might be other options that make better sense for you than a trust deed. It all depends upon circumstances.

Are your business set-up as limited companies?

Hi jgrumm2002 and welcome to the forum,

You certainly have options available to you to try and help you deal with your debts and a Trust Deed may be one of those.

The best thing is to sit down with a qualified advisor, work through your debts, your income and expenditure and to carry out review of the business to see if this is viable going forward. Once this has been done you can then decide on which options you have available. Using a good knowledgeable advisor for this is key especially when you both run your own businesses.

TDA has asked an important point about being limited companies. Do you own any other assets such as motor vehicles or own your own property?

The positive thing to remember in all of this is you will have help and advice available and a solution to help you deal with your debts.

Hi jgrumm2002,

Without wishing to blow our own trumpets, I think you are right to seek specialist advice directly from insolvency professionals such as the experts on this forum, as many advice outlets tend to shy away from advising people who are trading a business due to the greater complexity that can be involved.

Obviously it is impossible to say whether a Trust Deed would be suitable for you both without finding out a lot more information about your circumstances. Certainly it might be, but there may also be other options too that might make more sense for you.

I'd be happy to take a closer look at your particular circumstances, as I am sure would any of the other advisers on the forum too.