Trust Deed Annan
A Trust Deed Annan is a legally-binding contract developed to support those fighting debt. It can assist you eliminate multiple debts to different creditors, via a reduced monthly repayment, dependent on that which you can afford. If at the end of the agreement, which is usually set at four years, all of the terms were fulfilled and no payments are missed, then any debt that has yet to be paid off is waived entirely.
The instant your payment plan has been established and becomes ‘protected’ we can bring an end to creditor harassment. They cannot burden you with court actions, and, anytime they need to contact you, they are required to go through us. This means no more undesired phone calls and threatening letters asking for money from you. Trust Deeds exist to support the countless Scots across the nation who are having debt trouble to create a new start – without needing to apply for the more serious measure of bankruptcy.
To qualify, you have to be resident in Scotland, or have been in the last twelve months, possess outstanding debts upwards of £5000 in unsecured finance, and be in a position where you cannot pay back the whole sum which you owe.
- Credit Cards
- Store Cards
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Payday Loans
- HMRC Debts
You will also need to contribute a monthly payment from your salary or assets that is good enough to satisfy your lenders. We can establish everything, although creditors will often need at minimum a payment of 10p on each £1 they are due.
How is a Trust Deed set up?
The process of getting everything put in place with us company is a series of straightforward, manageable steps.
Step 1: Once you contact our company we will evaluate your finances and familiarise ourselves with the situation you are in. Once we are familiar with your financial condition we will determine what you could realistically pay each month without allowing you to continue to struggle.
Advice from us is free and impartial. There is zero-obligation to take any more steps towards a debt solution subsequent to consultation, and no charges apply.
Step 2: If you choose to move forward, our business will become your formal trustee. We will offer the proposal to your creditors, explaining the way in which assets are going to be dealt with (your property and motor vehicle are safe in most cases), and tell them how much of your debt you owe that they can anticipate to receive over the agreed fixed term.
Your creditors then have five weeks to acknowledge the terms and conditions. If any objections we receive will not go over one third of the value of the debt owed, then your solution can go ahead – earning protected status. If creditors never respond to the offer it is assumed that they have accepted the terms and conditions.
Should the offer fail at this stage then we can offer alternative monetary advice on how is best to move ahead.
Step 3: The trust deed Debt Advice Glasgow will now have earned protected status. From here, any creditors involved in the agreement cannot threaten you with court action or try to make contact by any means.
All that you have got to do is provide your singular reduced monthly repayment; our team will take care of the rest.
Step 4: All going well, after the 4 Year fixed term you’ll have paid, meaning than any of the debts which remain will be written off completely. It is prohibited for its 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
- We are able to transform your current unmanageable debts into a practical individual monthly installment, determined by what you can afford.
- All charges and interest rates which would otherwise raise your debt will be stopped.
- The pressure of continual undesirable telephone calls and daunting letters will be gone – will be illegal for creditors to try and reach you directly.
- Most likely, it will be possible to keep your motor vehicle and stay in your own home.
- The mundane paperwork and administrative stuff is up to us, you can just focus on making the repayments.
- The threat of court repercussions will be gone altogether.
- Any fees that apply for our services will be taken out of the regular monthly repayment or from any assets that may be sold – there will be zero upfront cost.
- All of your debt that remains unpaid during the four years, put simply, up to 80 percent of the initial total, will be cancelled.
- The process gives you an opportunity to reset your credit score and to improve from there, instead of allowing it to continue to drop as you battle to meet the monthly payments.
Your Assets in a Trust Deed Annan
Trust Deeds are a great way of getting back in control of your money and eliminating debt without having to put your motor vehicle and house at risk.
Your Home – While selling your home is a possibility some people desire to take, it remains incredibly improbable that you will need to. A major priority of our specialists when dealing with your finances is to help you and your family to stay in your own home.
Nonetheless, in order to satisfy creditors so that the process can proceed, you may have to release some equity on your property. The equity open to you will be outlined to you at the beginning of our discussions. It may well be crucial for the contract to go ahead, but will not involve you selling your property. All of this and the strategies involved can be discussed in detail by our staff.
Your Car – If your motor vehicle is a critical element of your way of life, possibly for work or responsibilities to family members, then it is highly unlikely you’ll need to give it up.
In instances where the vehicle involved is of significant value, most likely since it is brand new, then you can be required 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 the event you pay for your vehicle by using a finance arrangement, then this will be taken into account as we are assessing your essential monthly costs.
If the monthly payments towards it are excessive then modifications may have to be made, however it is likely you will be able to keep your car.
Check if you can get a debt solution by getting in contact with our consultants now, and let us help you by joining tens of thousands of Scots throughout the country in taking the journey towards a debt free life.