A trust deed, also known as a "protected trust deed" or "Scottish trust deed" must be approved by adequate creditors for the debtor to benefit fully from it. This is recognised as the trust deed obtaining "protection" and isn't definitely guaranteed. Many creditors are satisfied to go for reduced offers of repayment if the debtor confirms they're willing to commit to paying back all they can reasonably afford towards what they owe.

All of your creditors are bound legally by the terms of the Scottish trust deed if enough of your creditors agree to the terms. This means that any creditors who did not agree to the terms of the trust deed will bound legally as well. The Scottish trust deed provider will give out the details of the Scottish trust deed, once you've signed, to everyone you owe to and this is when they have the opportunity to accept or deny the proposed details.

A signed Scottish trust deed is advertised in the Edinburgh Gazette. Five weeks after the day the trust deed is advertised is the deadline for creditors to make a decision.

Creditors will in most cases accept a trust deed gaining protection where it is clear that the debtor can't afford to meet their contractual repayments, that there is no more suitable way to pay back a portion or all of the debts, and where the terms of the Scottish trust deed (including the fees of the trust deed provider) are viewed to be fair.

Creditors may reject a Scottish trust deed gaining protection if they suppose that the debtor can pay back more by declaring bankruptcy. An additional reason for disapproval could be that the cost of the trust deed operator is unreasonable.

Scottish trust deed providers can usually anticipate whether or not a trust deed will gather protection, as their facts comes from voting operatives that are employed by individual creditors to work on their behalf. Creditors usually choose to use one of two voting operatives who work to ensure insolvency practitioners are clear about the criteria they use to draw their conclusions.

By having skilled understanding and experience of the industry good trust deed providers find that at least 90% of their customers receive trust deed protection.