Trust Deed Bishopbriggs

Established by the Scottish government to aid people struggling to keep their debt manaegable, a Trust Deed Bishopbriggs is a formal financial arrangement which enables you to transfer a number of outstanding debts into one reduced monthly repayment plan. The plan transpires across a set period, in general four years, by the end of which any excess debt will be waived assuming all terms are met.

Trust Deed Bishopbriggs

When we are able to get your debt solution established and confirmed by your creditors, it will become protected. From this point on they cannot attempt to get money from you by mailing constant letters and making incessant calls. All communications must go through us instead. Any court actions against you are also no longer a possibility. Trust Deeds are an excellent way for Scots to wipe out significant amounts of cash without having to take the more serious measure of filing for bankruptcy.

To be eligible, you have got live in Scotland, or have been in the last year, possess outstanding debts in excess of £5000 in unsecured finance, and be in a situation in which you are not able to settle the entire sum which you owe.

  • Payday Loans
  • Store Cards
  • Overdrafts
  • Council Tax Arrears
  • Credit Cards
  • HMRC Debts
  • Unsecured Personal Bank Loan

We’ll also have to work out if you’re able to cover a regular monthly payment that satisfies creditors, ordinarily from income or assets. This typically requires the ability to pay back at least 10% of what was owed.

How is a Trust Deed set up?

The entire process of getting everything set up with our business is a sequence of simple, manageable steps.

Step 1: After you contact our business we will review your financial situation and get an idea of the situation you are in. Once we are familiar with your situation we will figure out what you could realistically pay each individual month without allowing you to carry on struggling.

Advice from us costs nothing and is impartial. There is zero-obligation to take any further steps towards a debt solution subsequent to our discussion, and no fees apply.

Step 2: In the case where you choose to proceed, we will become your official trustee. We will offer the proposal to your creditors, detailing how your assets will be dealt with (your property and motor vehicle are protected typically), and inform them of how much of your outstanding debt they can anticipate to obtain across the agreed fixed term.

The creditors involved then have five weeks to agree or disagree with the plan. If any objections we receive do not go beyond 1 third of the value of the debt owed, then the process will go forward – achieving protected status. If creditors do not react to the proposition the assumption is that they have accepted the terms.

Should the suggestion fail at this point then we can provide alternative monetary advice on how is best to proceed.

Step 3: Once your trust deed Debt Advice Glasgow has attained protected status, creditors cannot pester you with telephone calls or constant letters. In addition, you are shielded against any legal consequences.

This will continue to be the case provided you keep making your your lowered monthly installments, as determined by the conditions of the arrangement.

Step 4: In the event you do meet all of your installments, then after the agreed term all outstanding debt will be waived. It isstrictly illegal for any of the creditors included in the agreement to attempt to extort any more money from you.

With zero remaining debt, you can start to appreciate your debt free life!

Advantages of a Trust Deed

  • Get back on top of your money by letting us transform your spiralling debt into a single repayment which you can afford.
  • When your agreement is in place, your outstanding debt cannot rise any further – interest as well as other fees that could usually be added can no longer be added.
  • Creditors can no longer harass you with persistent daunting letters and unwanted phone calls.
  • Important assets such as your home and car are ordinarily safe.
  • Our specialists manage all the monotonous and complicated forms and communications.
  • Court action is no longer a choice open to creditors.
  • The cost of our services will be paid for with the money owed in the first place – there won’t be any advance costs to you. They will be included in the monthly repayment, or once in a while the sale of any assets.
  • If you keep to the arrangement and satisfy each payment, after 48 months all of the debt that remains will be completely wiped out.
  • After a set period, the record of the agreement will be wiped off of your credit history, allowing you to restore it and maintain your financial situation much more easily.

Your Assets in a Trust Deed Bishopbriggs

A Trust Deed is a great strategy of protecting your most vital assets, while paying off your debts as a result of the flexibility it will offer.

Your Home – Unless you choose to do so, it is incredibly unlikely that you’ll have to sell your house. Our advisers will deal with your assets with the intention of keeping you in your house.

Nonetheless, you may be required to release some equity (the gap between the market value of the property and the debt owed on it) to satisfy creditors as part of the contract. The equity, that we will have worked out at the start of this process, might need to be realised (converted into cash) as part of the settlement, but there are several methods to achieve this without losing the property. These techniques of protecting your property will be explained to you by our specialists.

Your Car – It is also unusual to lose your motor vehicle if you require it for work or for family commitments.

Nevertheless, if the car is brand new, or valued at a significant amount of money, then you may be asked to swap it for a model of lesser value, releasing money to contribute toward your payments to creditors. If you are in some form of finance agreement to purchase your car, like Hire Purchase, this will be included as part of your monthly costs.

Once again, if the price of your vehicle is excessive, it may need to be reconsidered, but generally we are able to ensure you keep your car.