Protected trust deed
Okay kiddo, imagine you have a piggy bank where you save your money. Now, imagine that you owe some money to a lot of people and you can't pay them back all at once. So, you go to a grown-up called a trustee who will help you make a plan to pay your debts over time.
The trustee will look at how much money you owe and how much money you can afford to pay back each month. Then the trustee will create a special piggy bank just for you called a protected trust deed.
This new piggy bank is different because it is protected. That means no one can take the money inside it except for the trustee. You put some money into this piggy bank each month and that money goes towards paying off your debts.
The trustee will talk to your creditors and tell them about your plan to pay off your debts slowly over time using this special protected piggy bank. If your creditors agree to this plan, they can't take any legal action against you to get their money back.
So, a protected trust deed is like a special piggy bank that helps you pay off your debts over time while keeping the money safe from anyone who could take it away.
The trustee will look at how much money you owe and how much money you can afford to pay back each month. Then the trustee will create a special piggy bank just for you called a protected trust deed.
This new piggy bank is different because it is protected. That means no one can take the money inside it except for the trustee. You put some money into this piggy bank each month and that money goes towards paying off your debts.
The trustee will talk to your creditors and tell them about your plan to pay off your debts slowly over time using this special protected piggy bank. If your creditors agree to this plan, they can't take any legal action against you to get their money back.
So, a protected trust deed is like a special piggy bank that helps you pay off your debts over time while keeping the money safe from anyone who could take it away.