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In order to enter such an agreement with your creditors, you must be a resident of Scotland. You need to consult the services of an [[insolvency practitioner]] who will be able to explain all your options to you, based on your present financial situation. The qualified practitioner will evaluate your income to debt ratio,{{Citation needed|date=December 2015}} such as mortgage, council tax, utility bills, and all other outgoings. Whatever is left from your earnings will be divided in equal proportions to pay towards your debts.<ref>{{cite web|title=Protected Trust Deeds|url=http://www.aib.gov.uk/aib-7-trust-deeds-page-4|publisher=Scotland's Insolvency Service|accessdate=2 September 2014}}</ref>
If, after learning how a trust deed works, you do decide to go ahead, the necessary paperwork will have to be signed. There are two types of trust deed – protected and unprotected. An unprotected trust deed is not binding for a creditor (company or other) who doesn’t agree to the terms. A protected trust deed meanwhile is binding for the creditor, although they have a five-week period in which to appeal. It’s in the interest of the trustee to have the trust deed protected, but it’s not essential. It is also worth noting that a [https://www.scotlanddebt.co.uk/trust-deed trust deed] debt must be a minimum of £5,000 to become protected.<ref name="TDN"/>
==Obligations==
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