Trust Deed Slateford
Established by the Scottish government to support individuals unable to keep their debt in check, a Trust Deed Slateford is a formal financial arrangement which will allow you to transform numerous outstanding debts into one reduced monthly instalment plan. The plan occurs across a set period, typically four years, by the end of which all excess debt will be written off assuming all conditions have been fulfilled.
As soon as your payment program is set up and becomes ‘protected’ we will put an end to creditor harassment. They are unable to stress you with legal action, and, anytime they have to contact you, they must go through us. This means an end to stressful phone calls and intimidating letters asking for money from you. Trust Deeds exist to help the countless Scots across the nation who have found themselves facing financial trouble to create a fresh start – without having to submit an application for the more excessive measure of bankruptcy.
In order to apply, you have to be resident in Scotland, or have lived here inside the previous twelve months, and have unsecured debts equating to a minimum of £5000 that you are incapable of repaying (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 earnings or assets which is sufficient in order to satisfy your lenders. We can confirm everything, although creditors will in most cases require a minimum repayment of 10 pence of each £1 that are owed.
How is a Trust Deed set up?
Due to the fact we will take care of most of the paperwork, we make the whole set up process incredibly simple and easy for you.
Step 1: The first thing to do is pick up the telephone and give us a call, subsequently our advisers will get to know your financial circumstances. Afterwards, we will determine what you are able to realistically afford to put towards your repayments.
All the guidance our agents will provide is totally free and honest. No charges apply, and after you have heard that which we have outlined for you, there will be zero demands on you to take the process any further if you do not wish to.
Step 2: In cases where you do make the decision to move forward, debt free life will be appointed to serve as your trustee. From this point, we will craft a deal which will detail for your creditors the total amount you will be able to pay each month , and how your assets will be dealt with, and how much overall they can expect to receive across the fixed-term.
All of the creditors included subsequently have five weeks to reply. So long as any rejections of the proposal that we receive will not extend past one third of the overall amount which you have to pay, then the arrangement will go ahead and become legally-binding. If we do not receive a response from a creditor, we can assume they agree with the conditions.
In the unfortunate event that the terms of the deal are not accepted, our advisers will provide alternate strategies to help move your financial situation forward for you to consider.
Step 3: At this stage, your trust deed Debt Advice Edinburgh will have attained protected status. This means creditors cannot continue to try and contact you, and all court action towards you is against the law.
You are only required to comply with rules of the contract by supplying your singular lowered regular monthly contribution.
Step 4: If after the fixed-term all of the agreed obligations have been met, then any excess debt to creditors that is till to be paid will be written off. All creditors who were included in the agreement cannot try and pursue you for any balance that remained.
At this stage, you are welcome to enjoy your debt free life.
Advantages of a Trust Deed
- Regain charge of your finances allowing us to transfer your unmanageable debts into a single cheaper monthly installment.
- Once you have signed up for the arrangement, your present debt is frozen throughout the arranged term – no more costs, for instance interest, can be added onto the balance.
- Put a stop to harassment; you can stop worrying about the phone going and the letter box opening.
- Safeguard your most important assets, such as your car and propery.
- All of the complex administrative stuff is filled out by our team.
- Creditors are not allowed to pursue court action to get money from you.
- There are no additional fees for our expert services, they are normally included in your monthly repayment, or in some instances from the liquidation of any appropriate assets.
- Once all payments are actually fulfilled, typically after around four eyars, all remaining money owed to creditors engaged in the settlement are waived.
- After a set term, your credit rating will be totally reset, giving you more freedom to take care of your financial situation thereafter.
Your Assets in a Trust Deed Slateford
Trust Deeds are a great way of taking back of your money and writing off debt without having to put your car and house in jeopardy.
Your Home – Despite the fact that selling your property is a possibility some individuals choose to take, nevertheless it is very unlikely that you will need to. A major priority of our team when managing your finances is to help you and your family to stay in your house.
Nonetheless, in order to get enough creditors onboard so that the procedure can move ahead, you may have to release some equity on your property. The equity available to you will be communicated to you at the beginning of our chats. This may well be key to the arrangement going ahead, but will not involve you selling the home. All of this and the strategies concerned will be described at length by our team.
Your Car – If your motor vehicle is a crucial component of your way of life, perhaps for work or responsibilities to family members, then it is highly unlikely you’ll need to give it up.
In cases where the vehicle concerned is of great cost, most likely because it is brand new, then you may have to trade it in for an older or less expensive version in order to give you access to more revenue to satisfy your creditors. If you pay for your car via a finance arrangement, then this will be considered as we are figuring out your essential monthly costs.
In the event the expenses towards it are excessive then adjustments may have to be made, but it is likely you will manage to keep your car.
Find out if you can get a debt solution by getting in touch with one of our advisers today, and let us help you by joining tens of thousands of Scots across the country in taking the journey towards a debt free life.