Trust Deed Bearsden
Developed for those struggling with spiralling debt, a Trust Deed Bearsden is a formal, voluntary contract with creditors. It will write off personal debt using one decreased monthly instalment dependent on what you can easily afford. The process is fixed-term, meaning upon the conclusion of the predetermined period generally four years all of your residual debt is completely written off – on the condition that all payments are met.
After we have set up your monthly payment programme you will be protected from creditors. They can no longer make contact with you directly regarding cash, and no longer have the option to take legal action against you and your family. Your creditors just contact us, and we will pass on any appropriate details to you. Trust Deeds were designed to assist the tens of thousands of Scots fighting with unmanageable debt to create a fresh start without needing to consider the extreme step of filing for bankruptcy.
To meet the criteria, you have to be resident in Scotland, or have been in the last year, possess outstanding debts upwards of £5000 in unsecured finance, and be in a position in which you are unable to repay the full amount which you owe.
- Payday Loans
- Store Cards
- Council Tax Arrears
- Credit Cards
- HMRC Debts
- Unsecured Personal Bank Loan
We will also have to determine whether it’s possible for you to pay a monthly repayment which satisfies creditors, generally from income or assets. This normally requires the ability to repay at least 10% of what was owed.
How is a Trust Deed set up?
Due to the fact we will take care of most of the documentation, we make the whole set up system extremely easy for you.
Step 1: To begin, you need to pick up the phone and give us a call, subsequently our experts will get an idea of your financial circumstances. Afterwards, we will figure out what you are able to realistically afford to contribute towards your monthly instalments.
All the advice our advisers will provide is free of charge and unbiased. No fees apply, and after you have listened to that which we have told you, there will be zero demands on you to pursue things any further if you do not wish to.
Step 2: In the event that you do make the decision to continue, debt free life will be assigned to serve as your trustee. From here, we will prepare an offer describing for your creditors exactly how much you can contribute each instalment , and in what way your assets will be handled, as well as how much overall they can expect to receive across the four years.
Your creditors will subsequently have 5 weeks to reply. So long as any rejections of the proposal which we obtain will not go beyond one third of the total amount that you owe, then the deal can go ahead and become legally-binding. If we do not receive a response from a creditor, we are allowed to assume they are in agreement with the plan.
In the unfortunate event that the terms of the contract are not approved, then our advisers will provide alternative courses of action that can help move your finances forward for you to consider.
Step 3: At this stage, your trust deed Debt Advice Glasgow will have attained protected status. Therefore, creditors are not allowed to continue to harass you, and all court action towards you is out of the question.
You are simply required to comply with terms of the agreement by supplying your individual decreased monthly repayment.
Step 4: If after the fixed-term all of the agreed payments have been met, then any excess debt to creditors will be wiped out. All creditors who had been a part of the arrangement cannot attempt to contact you for any debt that remained.
From here, you are welcome to move forward with your debt free life.
Advantages of a Trust Deed
- We can transfer your current unmanageable debt into a realistic single payment, determined by what you can afford to pay for.
- All fees, charges and rates of interest that would normally increase your debt will be stopped.
- The pressure of consistent unwelcome phone calls and demanding letters will be gone – will be illegal for creditors to try and get in touch with you directly.
- Usually, you will be able to hold on to your car and remain in your own home.
- The boring documentation and admin stuff is up to us, you can just focus on making the repayments.
- The risk of court action will be gone altogether.
- Any costs that are connected with our services will be taken from your regular settlement or from any assets which may be liquidated – there is 0 initial cost.
- All of your debt that remains unpaid during the four years, in other words as much as 80% of it, will be wiped off.
- The procedure offers you the chance to reset your credit rating and to rebuild from there, instead of letting it drop continually as you battle to meet the minimum repayments.
Your Assets in a Trust Deed Bearsden
Compared to other debt solutions, a Trust Deed can be a fantastic method of protecting your most vital assets while dealing with your financial troubles.
Your Home – If you don’t actively want to, it is extremely uncommon that your property is required to be sold. Our team always hold your assets as a priority, ensuring you are able to stay in your own home.
On the other hand, in some circumstances you might be required to realise some equity (for example, the value of a property with a mortgage minus any charges towards it) to get the approval of creditors. Any equity available to you will have been determined when you reach out to us. It might need to be transformed into cash, or ‘realised’, but there are tactics of doing this without you having to lose your home. These techniques will be described simply but in depth by our knowledgeable consutlants.
Your Car – If your vehicle is essential for your everyday requirements, it is unlikely that you are going to have to lose it.
However, if the vehicle is of significant worth you might need to trade it in for an earlier or more modest version. This will allow extra revenue that can go to creditors, so you can have an attractive proposition. If you are utilising a Hire Purchase or another kind of financial arrangement to own your car, then it will be considered as part of your necessary monthly expenses.
Again, in cases where the car you are ‘paying up’ is particularly pricey, then this expense may be taken into consideration.
If anything remains uncertain, our professionals are on-hand to explain everything in full to you. It’s time to write off debt for good and join thousands of people across the UK in employing a legislated debt solution to bring an end to creditor harassment!