Trust Deed Spean Bridge

Developed for all those struggling with spiralling debt, a Trust Deed Spean Bridge is a formal, voluntary agreement with creditors. It will wipe out debt using a single decreased monthly instalment determined by that which you can easily afford. The practice is fixed-term, meaning at the end of the predetermined period typically four years all of your leftover debt is entirely wiped out – provided all payments were fulfilled.

Trust Deed Spean Bridge

When we are able to get your debt solution set up and confirmed by your creditors, it becomes protected. This means they won’t be able to attempt to acquire money from you by sending continuous letters and making repeated calls. All communications are required to go through us as a medium. Any court action against you is also no longer an option. Trust Deeds are an excellent way for Scots to wipe out massive amounts of cash without needing to select the more severe measure of filing for bankruptcy.

In order to be eligible, you have to be resident in Scotland, or have lived there inside the previous 12 months, and have unsecured debt at a minimum of £5000 that you are unable to pay back (you need to be insolvent).

  • Payday Loans
  • Store Cards
  • Overdrafts
  • Council Tax Arrears
  • Credit Cards
  • HMRC Debts
  • Unsecured Personal Bank Loan

Our advisers will also need some details of your income, and any any suitable assets, to enable them to determine whether or not you can make a monthly repayment which could suit your creditors. For creditors to consent, you must generally be able to pay back ten pence on every pound that was is supposed to be paid.

How is a Trust Deed set up?

Organising the arrangement is merely a sequence of straightforward, easily understandable steps.

Step 1: As soon as you pick up the telephone and give us a call, our consultants will get some financial information from you and review your circumstances. After we have got all of the material we need, we can work out what you could reasonably contribute to each instalment without having practically nothing remaining.

Making contact with our team is entirely free and everything we will advise you of is utterly impartial. You will be under no pressure to take any further steps towards a financial solution after conversing with us, and no expenses will apply.

Step 2: in the event you decide to keep progressing forward, then we will be designated as your trustee. Once we draw up a deal we will convey it to your creditors, detailing the way in which assets are going to be managed, what monthly repayment you will be able to contribute, and exactly how much of the total owed they can expect to recoup across the fixed term. In most instances, your home and car can become secure.

The creditors included then have five weeks to consider the proposal and either agree to or refuse the conditions. The debt solution will go ahead if we do receive objections, as long as they will not form in excess of a third of the debt owed – at this stage the settlement will have obtained protected status. In the event that creditors do not take action at all, this is regarded as an acknowledgement.

If the proposition is not approved, then there will be other options available to you which our team can outline in depth.

Step 3: After your trust deed Debt Advice Aberdeen has acquired protected status, creditors cannot bother you with telephone calls or constant mail. In addition, you are safe from any legal consequences.

This will persist in being so provided you continue to make your cheaper monthly repayments, as outlined by the conditions of the arrangement.

Step 4: If you have met all of your installments, then after the 4 years all remaining debt will be waived. It is illegal for any of the creditors included in the agreement to try and get any more cash from you.

With zero remaining debt, you can start to enjoy your debt free life!

Advantages of a Trust Deed

  • Get back in charge of your financial situation by letting us turn your spiralling debt into a singular repayment which you can afford.
  • The instant your agreement is in place, your outstanding debt cannot rise any further – interest and any other fees which would usually apply can no longer be charged.
  • Creditors can no longer harass you with regular daunting letters and unsolicited telephone calls.
  • Essential assets like your home and car can be protected.
  • We manage each of the monotonous and complicated paperwork and communications.
  • Legal measures are no longer a solution open to creditors.
  • The cost of our services will be covered through the money you owe to creditors – there are no advance costs to you. They are included in the monthly installment, or sometimes the liquidation of any assets.
  • Provided you stick to the agreement and meet each repayment, after 4 years all of the remaining debt will be totally 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 regulate your financial situation much more easily.

Your Assets in a Trust Deed Spean Bridge

A Trust Deed is an effective way to protect your most vital assets, while still being able to pay off your debts as a result of the overall flexibility it will offer.

Your Home – Unless you opt to, it is very unlikely that you’ll be forced to sell your property. Our specialists will deal with your assets with the aim of making sure you can stay in your house.

However, it may be necessary to release some equity (the gap between the market value of the residence and the debt to be paid on it) to satisfy creditors as part of the arrangement. The equity, which will have been analysed at the outset of this process, may need to be converted into cash as part of the contract, but there are lots of approaches to achieve this without losing the house. These techniques we can use to protect your property will be defined to you by our specialists.

Your Car – Additionally, it is unusual to lose your vehicle if you need it for work or family responsibilities.

Nevertheless, if your car is brand new, or valued at a great deal of money, you might be asked to exchange it for a model of lesser value, releasing money to contribute toward your repayments to creditors. If you are in some form of finance agreement to pay for your vehicle, such as Hire Purchase, it will be included as part of your regular expenditures.

Once again, if the price of the vehicle is excessive, it might have to be reconsidered, but usually we are able to ensure you keep your vehicle.