Trust Deed Anniesland
Developed by the Scottish government to aid all those fighting to keep their debt manaegable, a Trust Deed Anniesland is a formal financial agreement which enables you to transform a number of outstanding debts into one lowered monthly payment plan. The plan takes place over a set period, in general 4 years, at the end of which any excess debts will be waived presuming all conditions have been fulfilled.
The instant your repayment program has been established and becomes ‘protected’ we can bring an end to creditor harassment. They can no longer threaten you with court actions, and, whenever they need to contact you, they are required to go through us. This means an end to unwelcome phone calls and intimidating letters demanding money from you. Trust Deeds exist to assist the many Scots throughout the nation who have found themselves struggling against debt problems to make a fresh start – without needing to apply for the more intensive step of sequestration.
To be eligible, you have to live in Scotland (or have resided there within the previous 12 months), have unsecured debt of over £5000, and also be insolvent (unable to pay back the complete amount of money owed).
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
We’ll also have to determine whether you’re able to pay a regular monthly repayment which suits creditors, generally from income or assets. This typically requires the capability to pay back at minimum 10% of the full amount owed
How is a Trust Deed set up?
Since we do all of the heavy-lifting and take care of most of the paperwork, we make the whole set up system extremely simple for you.
Step 1: The first thing to do is pick up the telephone and get in touch, subsequently our team will examine your financial circumstances. Afterwards, we will determine what you can reasonably manage to put towards your payments.
All the advice our advisers will provide is totally free and honest. No charges apply, and after you have heard what we have told you, we will not push you to take the process any further should you decide you do not not desire to.
Step 2: If you do opt to move forward, debt free life will be appointed to serve as your trustee. From this point, we will write a proposal describing to your creditors the total amount you can pay per month , and in what way your assets will be managed, as well as how much overall they can expect to receive over the fixed-term.
All of the creditors included will subsequently have 5 weeks to react. So long as any rejections of the proposal which we receive do not go beyond one third of the total amount which you have to pay, then the plan will go ahead and become legally-binding. If we do not receive a reply from a creditor, we can assume they agree with the deal.
In the unfortunate event that the terms of the binding agreement are not approved, then our advisers will provide alternate solutions to help move your financial situation forward for you to consider.
Step 3: At this stage, your trust deed Debt Advice Glasgow will have acquired protected status. This means creditors are not allowed to continue to harass you, and any court action against you is out of the question.
You are simply required to meet the rules of the contract by delivering your individual lowered regular monthly payment.
Step 4: If after the 4 years all of the agreed payments have been met, then any leftover debt to creditors will be wiped out. All creditors who have been a part of the agreement cannot attempt to pursue you for any debt that remains.
At this stage, you are welcome to move forward with your debt free life.
Advantages of a Trust Deed
- Regain control over your finances allowing us to convert your unmanageable debts into a single decreased monthly repayment.
- Once you have signed up for the arrangement, your existing debt is frozen over the arranged term – no more fees, like interest, can be added to the balance.
- Put an end to creditor harassment; you can stop worrying about the telephone ringing and the letter box opening.
- Safeguard your most vital assets, like your vehicle and home.
- All of the complicated administrative stuff is taken care of by us.
- Creditors are not allowed to attempt legal action to get funds from you.
- There will be absolutely no extra fees for our services, they are typically included in your monthly payment, or in some cases from the liquidation of any relevant assets.
- After all payments have been fulfilled, typically after around 4 years, all remaining debts to creditors engaged in the deal are written off.
- After a fixed term, your credit score will be totally reset, which grants you more flexibility to control your financial situation in the future.
Your Assets in a Trust Deed Anniesland
Trust Deeds are an effective way of taking back of your finances and wiping out debt without putting your motor vehicle and home in danger.
Your Home – While selling your property is an option some individuals prefer to opt for, nevertheless it is incredibly unlikely that you will need to. A main priority of our team when managing your money is to help you and your family to stay in your own home.
Nonetheless, in order to get enough creditors onboard so that the procedure can move forward, you might have to release some equity on your property. The equity available to you will be communicated to you at the outset of our conversations. This may well be key to the deal going ahead, but will not involve you selling your house. All of this and the variousstrategies involved can be explained in detail by our specialists.
Your Car – If your vehicle is a critical part of your way of life, perhaps for work or obligations to family members, then it is very unlikely you’ll have to give it up.
In situations where the car concerned is of significant cost, maybe because it is brand new, you might be asked to swap it in for an older or less expensive model so that you can have access to more revenue to satisfy your creditors. If you pay for your car via a finance agreement, then this will be taken into account while we are figuring out your essential expenses.
In the event the bills towards it are excessive then alterations may have to be made, but it’s most likely you will be able to keep your car.
If anything remains unclear, our advisers are on-hand to explain everything in full to you. This is your chance to get rid of debt completely and join tens of thousands of Britons all over the United Kingdom in employing a legislated debt solution to bring a stop to creditor harassment!