Trust Deed Juniper Green
Developed by the Scottish government to support individuals struggling to keep their debt in check, a Trust Deed Juniper Green is a formal financial agreement which will allow you to convert a number of outstanding debts into one reduced monthly payment plan. The arrangement occurs across a set interval, normally 4 years, by the end of which any leftover debt will be written off presuming all terms have been met.
As soon as your repayment program has been recognised and becomes ‘protected’ we can put an end to creditor harassment. They are unable to pressure you with legal actions, and, any time they have to contact you, they are required to do so us. This means an end to stressful telephone calls and intimidating letters demanding money from you. Trust Deeds exist to support the many Scots across the nation who are having debt problems to enjoy a fresh beginning – without having to submit an application for the more extreme measure of bankruptcy.
To be able to apply, you must be resident in Scotland, or have lived there within the past calendar year, and have unsecured debt at a minimum of £5000 that you are incapable of paying back (you need to be insolvent).
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
You will also have to contribute a monthly payment out of your income or assets, which is enough to satisfy your lenders. We can establish all of this, but creditors will often require a minimum payment of 10 pence of each £1 they were owed.
How is a Trust Deed set up?
Due to the fact we will take care of the vast majority of the documentation, we make the whole set up procedure extremely simple and easy for you.
Step 1: To begin, you need to pick up the phone and give us a call, subsequently our consultants will analyse your financial situation. Afterwards, we will find out what you are able to reasonably manage to put towards your repayments.
All the guidance our advisers offer is free of charge and honest. No charges apply, and after you have listened to that which we have outlined for you, there will be no pressure on you to explore the process any further if you do not wish to.
Step 2: If you do make the decision to progress, debt free life will be designated to serve as your trustee. From this point, we will come up with a proposal which will detail for your creditors precisely how much you can pay each instalment , and in what way your assets will be handled, as well as how much overall they can expect to receive across the four years.
All of the creditors who are contacted then have five weeks to react. As long as any rejections of the proposal which we obtain will not extend past a third of the total amount that you owe, then the agreement can go ahead and become legally-binding. If we receive no reply from a creditor, we are allowed to assume they are in agreement with the plan.
In the unfortunate event that the terms of the deal are not accepted, then our advisers can offer alternative tactics that can help advance your finances forward for you to consider.
Step 3: After your trust deed Debt Advice Edinburgh has acquired protected status, creditors cannot bother you with telephone calls or constant mail. You are also shielded against any legal consequences.
This will continue to be so as long as you keep making your your reduced monthly payments, as per the terms of the settlement.
Step 4: If you do meet all of the agreed obligations, then after the 4 years all remaining debt will be wiped out. It isstrictly illegal for any of the creditors included in the agreement to try and get any more cash from you.
With no remaining debt, you can start to enjoy your debt free life!
Advantages of a Trust Deed
- Take back charge of your financial situation by letting us convert your unmanageable debts into a single lowered monthly repayment.
- As soon as you have signed up for the contract, your present debt is frozen over the arranged term – no more fees, for example interest, can be added onto the total.
- Put a stop to harassment; you can stop worrying about the phone ringing and the letter box opening.
- Protect your most critical assets, like your motor vehicle and home.
- All of the actual complicated administrative stuff is managed by our specialists.
- Creditors are not allowed to pursue legal action to get money from you.
- There will be zero extra fees for our expert services, they are normally included in your monthly payment, or in some instances from the liquidation of any relevant assets.
- After all repayments have been fulfilled, typically after around four eyars, all outstanding debts to creditors included in the settlement are waived.
- After a fixed term, your credit rating will be totally reset, giving you more flexibility to handle your financial situation in the future.
Your Assets in a Trust Deed Juniper Green
A Trust Deed is a great way to protect your most important assets, while paying off your debts due to the versatility it offers.
Your Home – Unless you choose to do so, it is extremely unlikely that you’ll need to sacrifice your home. Our consultants will deal with your assets with the intention of making sure you can stay in your own home.
However, you may be required to release some equity (the difference between the market value of the house and the debt to be paid on it) in order to satisfy creditors as part of the agreement. The equity, that we’ll have worked out at the start of the process, may possibly need to be converted into cash as part of the agreement, but there are several methods to do this without having to lose the property. These techniques of protecting your home will be defined to you by our specialists.
Your Car – It is also unusual to lose your vehicle if you need it for work or family commitments.
Nevertheless, if your vehicle is brand new, or worth a great deal of money, then you may be required to swap it in for a less valuable model, releasing funds to contribute towards your payments to creditors. If you are in some form of finance agreement to purchase your vehicle, such as Hire Purchase, this will be included in your necessary costs.
Again, if the cost of your car is extreme, then it might have to be reconsidered, but usually we can ensure you keep your car.
Check if you are eligible for a debt solution by getting in touch with our consultants now, and let us help you to join the thousands of Scots throughout the country in taking the journey towards a debt free life.