Trust Deed Craighall
Developed by the Scottish government to aid individuals struggling to keep their debt manaegable, a Trust Deed Craighall is a formal financial arrangement which enables you to transfer multiple outstanding debts into one decreased monthly instalment plan. The agreement occurs over a set period, generally 4 years, at the end of which any remaining debts will be wiped out assuming all terms are fulfilled.
As soon as your repayment system has been established and becomes ‘protected’ we will bring an end to creditor harassment. They can no longer burden you with legal action, and, whenever they want to contact you, they must go through us. This means an end to unwanted telephone calls and threatening letters asking for cash from you. Trust Deeds exist to help the countless Scots all around the country who have found themselves facing financial trouble to make a new beginning – without having to submit an application for the more serious measure of sequestration.
To qualify, you have to be resident in Scotland, or have been in the last year, possess outstanding debt in excess of £5000 in unsecured loans, and also be in a position in which you are unable to settle the complete amount which you owe.
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
We will also have to determine whether or not you are able to cover a monthly payment which satisfies creditors, normally through assets or income. This normally requires the capability to repay at least 10p on the pound of the full amount owed
How is a Trust Deed set up?
Because we will handle the vast majority of the paperwork, we make the whole set up process extremely effortless for you.
Step 1: To begin, you need to pick up the telephone and get in touch, subsequently our consultants will evaluate your financial situation. Afterwards, we will find out what you can realistically manage to put towards your payments.
All of the guidance our consultants will provide is free and impartial. No fees apply, and after you have considered that which we have to offer, we will not pressure you to take the process any further if you do not desire to.
Step 2: In the event that you do decide to continue, debt free life will be assigned to serve as your trustee. At this point, we will prepare a deal describing for your creditors precisely how much you can contribute each month , and the way your assets will be handled, and how much overall they can expect to receive across the agreed period.
Your creditors will then have five weeks to accept or reject the proposal. Providing that any rejections of the proposal that we receive will not extend past a third of the total amount that you owe, then the agreement will go ahead and become protected. If we do not receive a reply from a creditor, we can assume they agree with the plan.
In the unusual event that the conditions of the deal are not accepted, our advisers can offer alternative solutions that can help move your financial situation forward for you to consider.
Step 3: At this point, your trust deed Debt Advice Edinburgh will have acquired protected status. Therefore, creditors cannot continue to try and contact you, and any legal action against you is against the law.
You are only required to comply with conditions of the contract by supplying your individual reduced regular monthly repayment.
Step 4: If after the fixed-term all of the agreed installments have been met, then any outstanding debt to creditors will be written off. All creditors who have been a part of the arrangement cannot attempt to pursue you for any balance that remains.
From here, you are welcome to enjoy your debt free life.
Advantages of a Trust Deed
- Get back in control of your financial situation by allowing us to turn your spiralling debt into a single payment that you can afford.
- After your settlement is in place, your outstanding debt cannot rise any higher – interest and any other fees that could ordinarily be added can no longer be charged.
- Creditors can no longer harass you with constant daunting letters and unwanted phone calls.
- Essential assets such as your property and motor vehicle can be secure.
- Our staff manage each of the dull and complicated forms and communications.
- Court measures are no longer a choice available to creditors.
- The cost of our services will be covered with the money owed in the first place – there are no advance costs to you. They will be part of the monthly payment, or once in a while the sale of any assets.
- If you stick to the agreement and meet each repayment, after 4 years all of the remaining debt will be completely wiped out.
- After a period of time, the record of the agreement will be wiped off of your credit rating, allowing you to rebuild it and take care of your finances a great deal more easily.
Your Assets in a Trust Deed Craighall
Trust Deeds are an excellent way of getting back in control of your money and writing off debt without putting your motor vehicle and house in jeopardy.
Your Home – Despite the fact that selling your home is a possibility some people prefer to take, it is very unlikely that you will have to. A main priority of our staff when negotiating your money is to keep you and your family in your home.
Nonetheless, in order to get enough creditors onboard so that the process can proceed, you might need to release some equity on your home. The equity accessible to you will be presented to you at the start of our conversations. The equity may well be key to the arrangement going ahead, but will not involve you selling your house. All of this and the varioustechniques involved will be defined in greater detail by our specialists.
Your Car – If your car is an essential component of your daily life, possibly for work or commitments to family members, then it is very unlikely you’ll have to give it up.
In instances where the motor vehicle concerned is of significant cost, perhaps because it is brand new, then you might have to trade it in for an older or less expensive version so that you can have access to more revenue to satisfy your creditors. In the event you pay for your vehicle via a finance arrangement, then this will certainly be factored in when we are assessing your essential monthly costs.
In the event the payments towards it are extreme then adjustments might have to be made, however it is very likely you will be able to keep your car.
See whether you are eligible for a debt solution by getting in touch with one of our consultants today, and let us help you to join the tens of thousands of Scots across the country in taking the journey towards a debt free life.