Trust Deed Fort William
Developed by the Scottish government to aid those unable to keep their debt under control, a Trust Deed Fort William is a formal insolvency agreement which allows you to convert a number of outstanding debts into one lowered monthly repayment plan. The agreement takes place over a set interval, in general 48 months, at the end of which any leftover debt will be waived assuming all conditions are met.
The instant your repayment program is set up and becomes ‘protected’ we can bring an end to creditor harassment. They are unable to pressure you with court actions, and, each time they have to contact you, they must go through us. This means an end to unwelcome telephone calls and threatening letters demanding money from you. Trust Deeds exist to help the many Scots throughout the country who are having debt trouble to establish a fresh start – without having to apply for the more excessive step of bankruptcy.
To meet the criteria, you must live in Scotland (or have lived there within the past 12 months), have unsecured debts of amounting to more than £5000, and be insolvent (unable to pay back the complete amount owed).
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
We will also need to work out whether you can pay a monthly repayment which satisfies creditors, normally from assets or income. This generally requires the revenue to repay at least 10% of the full amount owed
How is a Trust Deed set up?
The whole process of getting everything put in place with us company is a sequence of straightforward, achievable steps.
Step 1: After you contact our company we will take a look at your financial situation and get an idea of your circumstances. Once we are familiar with your financial condition we will determine what you are able to realistically contribute each individual month without letting you continue having difficulties.
Advice from us is free and impartial. There is zero-obligation to take any additional steps towards a debt solution after consultation, and no costs apply.
Step 2: If you choose to move ahead, we will become your official trustee. We will offer the proposal to your creditors, detailing how your assets are going to be handled (your property and motor vehicle are protected normally), and make them aware of how much of your outstanding debt they can anticipate to receive over the agreed fixed term.
Your creditors then have five weeks to agree or disagree with the terms. If any objections we acquire do not go beyond a third of the value of the money you owe, then your solution can go ahead – earning protected status. If creditors will not respond to the offer the assumption is that they have approved the terms and conditions.If the proposition fails at this stage then we can provide alternative monetary guidance on how is best to proceed.
Step 3: After your trust deed Debt Advice Aberdeen has achieved protected status, creditors cannot pester you with telephone calls or constant letters. You are also safe from any legal repercussions.
This will persist in being so provided you keep making your your cheaper regular monthly payments, as outlined by the terms of the settlement.
Step 4: In the event you do meet all of the agreed repayments, then after the 4 years all outstanding debt will be wiped out. It is illegal for any of the creditors included in the agreement to try and extort any more cash from you.
With zero remaining debt, you can begin to appreciate your debt free life!
Advantages of a Trust Deed
- Get back in control of your finances by permitting us to convert your spiralling debt into a singular repayment based on afford.
- The moment the settlement is in place, your existing debt cannot rise any higher – interest as well as other fees that could ordinarily be added can no longer be added.
- Creditors will be unable to burden you with regular daunting letters and unsolicited telephone calls.
- Essential assets such as your property and vehicle are typically safeguarded.
- debt free life manage all of the mundane and complex paperwork and communications.
- Court action is no longer a choice available to creditors.
- The cost of our services will be settled through the money owed in the first place – there are no advance costs to you. They will be included in the monthly repayment, or from time to time the liquidation of any assets.
- On the condition you adhere to the arrangement and satisfy each payment, after four years all of the debt that remains will be completely written off.
- Following a set period, the record of the agreement will be removed from your credit rating, which will allow you to restore it and manage your financial situation a great deal more easily.
Your Assets in a Trust Deed Fort William
Trust Deeds are a great way of getting back in control of your finances and writing off debt without putting your motor vehicle and home at risk.
Your Home – While selling your house is a plan some people choose to opt for, nonetheless it remains very unlikely that you will have to. A major priority of our specialists when dealing with your finances is to help you and your family to stay in your own home.
However, to be able to satisfy creditors so that the process can move forward, you may need to release some equity on your property. The equity open to you will have been outlined to you at the start of our discussions. It may well be crucial for the deal to go ahead, but will not involve you selling your home. All of this and the varioustechniques concerned will be discussed thoroughly by our advisers.
Your Car – If your car is a vital component of your everyday life, perhaps for work or obligations to family members, then it is very unlikely you’ll need to give it up.
In instances where the motor vehicle concerned is of significant value, most likely since it is brand new, you might need to swap it in for an older or less expensive model so that you can have access to more money to satisfy your creditors. If you pay for your car through a finance arrangement, then this will be considered as we are working out your essential monthly costs.
If the payments towards it are excessive then adjustments might have to be made, however it is very likely you will be able to keep your car.
Find out if you are eligible for a debt solution by getting in touch with one of our advisers today, and let us help you by joining tens of thousands of Scots throughout the country in taking the journey towards a debt free life.