Trust Deed Tayport
Developed by the Scottish government to help those unable to keep their debt manaegable, a Trust Deed Tayport is a formal financial agreement which will allow you to convert multiple outstanding debts into one reduced monthly repayment plan. The plan takes place across a fixed interval, commonly 4 years, at the end of which any remaining debt will be wiped out if all terms and conditions are fulfilled.
Once we have put in place your regular repayment programme you are protected against creditors. They can’t get in touch with you directly regarding money, and no longer have the option to take court action against you and your family. Your creditors only contact us, and we will pass on all relevant information directly to you. Trust Deeds were developed to support the tens of thousands of Scots dealing with with their finances to make a fresh beginning without having to take the severe action of filing for bankruptcy.
In order to be eligible, you need to be resident in Scotland, or have resided there inside the previous 12 months, and also have unsecured debts at a minimum of £5000 which you are not able to pay back (you must be insolvent).
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
Our consultants will also require some information regarding your earnings, and any any relevant assets, so that they can determine whether or not you can make a regular monthly payment which could satisfy your creditors. For creditors to come to an agreement, you must typically be able to repay 10% of what was owed.
How is a Trust Deed set up?
Due to the fact we will take care of the vast majority of the paperwork, we make the whole set up system very simple and easy for you.
Step 1: The first thing to do is pick up the telephone and give us a call, subsequently our specialists will assess your financial situation. Afterwards, we can determine what you are able to reasonably afford to put towards your payments.
All of the advice our agents will provide is free and unbiased. No charges apply, and after you have listened to that which we have to offer, there will be zero demands on you to explore the process any further should you decide you do not not wish to.
Step 2: If you do decide to advance, debt free life will be appointed as your trustee. From this point, we will prepare a proposal explaining to your creditors exactly how much you will be able to pay each month , and in what way your assets will be managed, as well as how much in total they can anticipate receiving across the agreed period.
Your creditors subsequently have five weeks to respond. Providing that any rejections of the proposal which we obtain will not extend past one third of the overall amount that you have to pay, then the deal will go ahead and become legally-binding. If we receive no response from a creditor, we can assume they accept the terms.
In the unfortunate event that the conditions of the binding agreement are not approved, then our advisers can provide alternative solutions that can help advance your financial situation forward for you to consider.
Step 3: The trust deed Debt Advice Edinburgh will now have received protected status. From this point, any creditors involved in the agreement cannot pressure you with court action or try to make contact by any means.
The only thing that you are required to do is provide your single lowered monthly payment; our consultants will manage everything else.
Step 4: All going well, after the 4 Year fixed term you will have paid, meaning than all of the debt that stay will probably be written off completely. It’s illegal for the creditors to attempt to get any more money from you.
From here you will be debt free, and will make the most of your financial fresh start.
Advantages of a Trust Deed
- Get back on top of your finances by permitting us to turn your spiralling debt into a single repayment which you can afford.
- As soon as your arrangement is is established, your outstanding debt cannot rise any higher – interest as well as other fees that might usually apply can no longer be added.
- Creditors will be unable to burden you with regular daunting letters and unwanted phone calls.
- Important assets such as your home and car are generally safe.
- debt free life manage each of the mundane and complex forms and communications.
- Court measures are no longer a choice available to creditors.
- The cost of our services will be settled through the money you owe in the first place – there are no upfront costs to you. They will be part of the monthly repayment, or in some cases the sale of any assets.
- If you stick to the agreement and meet each and every repayment, after 4 years all of the debt that remains will be completely wiped out.
- Following a set period, the record of the agreement will be wiped off of your credit history, allowing you to restore it and take care of your finances a great deal more easily.
Your Assets in a Trust Deed Tayport
Trust Deeds are an excellent way of getting back in control of your money and wiping out debt without having to put your car and home at risk.
Your Home – Despite the fact that selling your property is a plan some people desire to take, it remains extremely improbable that you will have to. A main priority of our specialists when managing your finances is to keep you and your family in your home.
Nonetheless, to be able to satisfy creditors so that the process can go ahead, you might need to release some equity on your house. The equity accessible to you will be presented to you at the outset of our conversations. It 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 explained in detail by our staff.
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 instances where the motor vehicle involved is of significant cost, possibly since it is brand new, you might be required to swap it in for an older or less expensive model in order to give you access to more cash to satisfy your creditors. In the event you pay for your car via a finance agreement, then this will be considered while we are working out your essential expenses.
In the event the monthly payments towards it are excessive then modifications might have to be made, however it is most likely you will be able to keep your car.
See whether you can get a debt solution by getting in contact with our advisers today, and let us help you to join the thousands of Scots throughout the country in taking the journey towards a debt free life.