Trust Deed Currie
A Trust Deed Currie is a legally-binding arrangement developed to aid individuals fighting debt. It helps you in getting rid of multiple debts to different creditors, via one reduced monthly payment plan, based on what you can easily afford. If at the conclusion of your arrangement, which is usually set at 48 months, all of the conditions are fulfilled and no payments have been missed, then any debt which has yet to be paid off is writted off entirely.
The instant your repayment plan has been set up and becomes ‘protected’ we will bring an end to creditor harassment. They are unable to threaten you with legal actions, and, any time they need to contact you, they must go through us. This means an end to undesired telephone calls and intimidating letters demanding cash from you. Trust Deeds exist to aid the countless Scots throughout the nation who have found themselves facing financial problems to enjoy a new beginning – without having to submit an application for the more significant measure of bankruptcy.
To be eligible, you have to live in Scotland (or have resided there within the previous year), have unsecured debts of amounting to more than £5000, and be insolvent (unable to pay back the total amount you owe).
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
Our specialists will also take some specifics of your income, and any any relevant assets, so that they can determine whether or not you can make a monthly payment which will suit your creditors. For creditors to come to an agreement, you must generally be able to pay off ten pence on every pound that was is owed.
How is a Trust Deed set up?
The whole process of getting everything set up with us business is a series uncomplicated, achievable steps.
Step 1: As soon as you get in touch with our business we will review your financial situation and get an idea of the situation you are in. Once we are familiar with your financial condition we will find out what you could realistically pay every monthly installment without letting you carry on struggling.
Advice from us costs nothing and is unbiased. There is zero-obligation to take any additional steps towards a debt solution after our discussion, and no costs apply.
Step 2: If you choose to move forward, our company will become your formal trustee. We will offer the proposal to your creditors, outlining the way in which assets are going to be dealt with (your home and motor vehicle are safe typically), and tell them how much of your debt you owe that they can expect to acquire over the agreed fixed term.
The creditors involved then have five weeks to accept the terms. If any objections we receive do not go beyond one third of the value of the money you owe, then your solution will go ahead – gaining protected status. If creditors never react to the proposition it is assumed that they have approved the terms.
Should the suggestion fail during this period then we can offer alternative financial guidance on how is best to move forward.
Step 3: At this stage, your trust deed Debt Advice Edinburgh will have acquired protected status. This means creditors are not allowed to continue to harass you, and any legal action against you is out of the question.
You are only required to comply with conditions of the agreement by delivering your singular reduced monthly repayment.
Step 4: If after the 4 years all of the agreed obligations have been delivered, then any excess debt to creditors will be wiped out. All creditors who had been a part of the agreement cannot try and pursue you for any balance that remains.
At this stage, you are welcome to move forward with your debt free life.
Advantages of a Trust Deed
- Get back on top of your money by letting us convert your spiralling debt into a single payment that you can afford.
- After the contract is is established, your current debt cannot rise any further – interest and any other fees which would usually be added can no longer be added.
- Creditors can no longer harass you with persistent intimidating mail and unwanted telephone calls.
- Essential assets such as your property and vehicle are usually secured.
- Our company will take care of each of the monotonous and complex forms and communications.
- Court action is no longer a solution available to creditors.
- The cost of our services will be paid for from the money owed in the first place – there are no upfront costs to you. They will be included in the monthly repayment, or once in a while the liquidation of any assets.
- If you keep to the arrangement and satisfy each and every payment, after four years all of the remaining debt will be entirely written off.
- After a set period, the record of the arrangement will be wiped off of your credit history, allowing you to rebuild it and maintain your finances a great deal more easily.
Your Assets in a Trust Deed Currie
Trust Deeds are an excellent way of taking back of your financial situation and writing off debt without putting your vehicle and house in danger.
Your Home – Despite the fact that selling your house is a choice some people prefer to go for, it remains extremely improbable that you will need to. A principal priority of our staff when managing your money is to keep you and your family in your home.
Nonetheless, in order to satisfy creditors so that the process can go on, you might have to release some equity on your property. The equity open to you will be conveyed to you at the start of our conversations. The equity may well be key to the deal going ahead, but will not involve you selling the house. All of this and the methods involved will be explained in great detail by our staff.
Your Car – If your motor vehicle is a vital part of your daily life, perhaps for work or commitments to family, then it is highly unlikely you’ll need to give it up.
In situations where the vehicle concerned is of great value, most likely since it is brand new, then you may need to trade it in for an older or less expensive version in order to give you access to more revenue to satisfy your creditors. In cases where you pay for your car via a finance arrangement, then this will be taken into consideration as we are working out your essential monthly costs.
In the event the payments towards it are excessive then changes may have to be made, however it is likely you will be able to keep your car.
To learn more about whether you meet the criteria to enter into a debt solution give our wonderful staff a call as soon as possible. We are committed to helping you get back in control of your money using formal legislation like thousands of other Britons across the UK!