Trust Deed Saline
Introduced by the Scottish government to assist those struggling to keep their debt in check, a Trust Deed Saline is a formal financial arrangement which allows you to transfer multiple outstanding debts into one reduced monthly instalment plan. The plan occurs over a fixed interval, usually 48 months, by the end of which all leftover debt will be written off presuming all conditions have been met.
Once your payment system has been put together and becomes ‘protected’ we can easily bring an end to creditor harassment. They can no longer stress you with court actions, and, each time they need to contact you, they must do so us. This means no more unwelcome telephone calls and threatening letters asking for cash from you. Trust Deeds exist to help the many Scots across the country who are having debt problems to enjoy a new start – without needing to make an application for the more drastic step of bankruptcy.
In order to apply, you need to be resident in Scotland, or have lived there inside the past year, and also have unsecured debt at a minimum of £5000 which you are not able to repay (you need to be insolvent).
- Credit Cards
- HMRC Debts
- Store Cards
- Payday Loans
- Unsecured Personal Bank Loan
- Council Tax Arrears
We will also need to work out if you can cover a monthly repayment which satisfies creditors, usually through assets or income. This, in most cases, requires the capability to repay at minimum 10p on the pound of the full amount owed
How is a Trust Deed set up?
The entire process of getting everything established with us company is a series of straightforward, manageable steps.
Step 1: After you contact our team we will investigate your financial situation and get an idea of the situation you are in. Once we are familiar with your circumstances we will find out what you could reasonably pay every monthly installment without letting you continue having difficulties.
Advice from us is free of charge and unbiased. There is zero-obligation to take any more steps towards a debt solution after our discussion, and no charges apply.
Step 2: Should you choose to carry on, we will become your official trustee. We will offer the proposal to your creditors, outlining the way in which assets will be dealt with (your property and motor vehicle are secure more often than not), and inform them of how much of your outstanding debt they can anticipate to collect over the predetermined fixed term.
The creditors involved then have five weeks to accept the deal. If any objections we obtain do not surpass a third of the value of the debt you owe, then your solution will go ahead – achieving protected status. If creditors never react to the offer it is assumed that they have accepted the terms.If the proposal fails during this period then we can offer alternative monetary advice on how is best to proceed.
Step 3: The trust deed Debt Advice Edinburgh will now have achieved protected status. From this point, your creditors cannot threaten you with legal action or attempt to make contact in any way.
The only thing that you have got to do is deliver your singular reduced monthly repayment; our consultants will manage everything else.
Step 4: All going well, following the 4 Year fixed term you’ll have paid, meaning than all of those debts which stay will be written off entirely. It is illegal for the creditors to attempt to take any more money from you.
From here you’ll be debt free and can make the most of your financial fresh start.
Advantages of a Trust Deed
- Get back in charge of your money by allowing us to convert your spiralling debt into a singular repayment based on afford.
- From the moment your contract is in place, your current debt cannot rise any higher – interest and any other fees that might ordinarily apply can no longer be added.
- Creditors can no longer burden you with constant daunting letters and unwanted phone calls.
- Essential assets such as your house and vehicle are typically safe.
- We will handle all of the dull and complicated forms and communications.
- Court measures are no longer an option available to creditors.
- The cost of our services will be settled from the money owed to creditors – there are no upfront costs to you. They are part of the monthly repayment, or once in a while the liquidation of any assets.
- On the condition you adhere to the arrangement and meet every payment, after 48 months all of the debt that remains will be entirely wiped out.
- Following a period of time, the record of the agreement will be wiped off of your credit history, which will allow you to restore it and maintain your financial situation much more easily.
Your Assets in a Trust Deed Saline
A Trust Deed is a great way to protect your most important assets, while still being able to pay off your debts due to the versatility it offers.
Your Home – Unless you decide to do so, it is extremely unlikely that you will be forced to sell your home. Our advisers will deal with your assets with the intention of keeping you in your house.
However, you might be required to release some equity (the gap between the market value of the home and the debt to be paid on it) in order to satisfy creditors as part of the settlement. The equity, which will have been evaluated at the outset of the procedure, may possibly have to be realised (converted into cash) as part of the settlement, but there are a number ways to achieve this without losing the house. These techniques of protecting your house will be explained to you by our specialists.
Your Car – It is also unusual to have to forfeit your car if you require it for work or family responsibilities.
However, if the vehicle is brand new, or valued at a significant amount of money, you might be asked to swap it for a less valuable model, releasing money to contribute toward your payments to creditors. If you are in some form of finance agreement to purchase your car, such as Hire Purchase, this will be included in your monthly expenses.
Again, if the value of your vehicle is extreme, it may have to be reconsidered, but generally we can make sure you keep your car.
To learn more about whether you qualify to enter into a debt solution give our superb staff a call now. We are committed to assisting you to get back in control of your money using formal fully-legislated processes like thousands of other Britons throughout the UK!