Trust Deed Blantyre

Developed for individuals being affected by spiralling debt, a Trust Deed Blantyre is a formal, voluntary arrangement with creditors. It can write off debt by way of singular decreased monthly repayment based on that which you are able to pay for. The practice is fixed-term, meaning at the end of the agreed timespan generally 4 years all of your excess debt is entirely wiped out – on the condition that all payments were fulfilled.

Trust Deed Blantyre

When your repayment program is recognised and becomes ‘protected’ we can easily put an end to creditor harassment. They are unable to stress you with legal actions, and, each time they want to contact you, they are required to do so us. This means no more stressful telephone calls and intimidating letters demanding money from you. Trust Deeds exist to assist the many Scots throughout the country who have found themselves struggling against debt trouble to work towards a fresh beginning – without having to make an application for the more intensive step of bankruptcy.

In order to apply, you should be resident in Scotland, or have resided there inside the last 12 months, and also have unsecured debts equating to a minimum of £5000 that you are incapable of repaying (you must be insolvent).

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

Our consultants will also need some information regarding your income, along with any relevant assets, to enable them to determine whether or not you can make a monthly repayment which can suit your creditors. For creditors to come to an agreement, you must generally have the ability to pay back 10% of what is owed.

How is a Trust Deed set up?

Because we will take care of most of the documentation, we make the whole set up system incredibly effortless for you.

Step 1: The first thing to do is pick up the phone and give us a call, subsequently our advisers will review your financial situation. Afterwards, we will work out what you can reasonably manage to contribute towards your monthly payments.

All of the guidance our consultants will provide is free and unbiased. No service fees apply, and after you have considered that which we have outlined for you, there will be zero pressure on you to take the process any further should you decide you do not not wish to.

Step 2: If you do make the decision to progress, debt free life will be designated to serve as your trustee. At this point, we will produce an offer describing for your creditors exactly how much you will be able to contribute per month , and how your assets will be managed, as well as how much overall they can expect to receive across the agreed period.

All of the creditors who are contacted will then have five weeks to respond. As long as any rejections of the proposal that we receive will not surpass 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 reply from a creditor, we are allowed to assume they accept the conditions.

In the uncommon event that the terms of the arrangement are not accepted, our advisers can offer alternative options to help advance your finances forward for you to consider.

Step 3: After your trust deed Debt Advice Glasgow has received protected status, creditors cannot pester you with phone calls or constant letters. You are also safe from any legal repercussions.

This will persist in being the case as long as you keep making your your cheaper monthly installments, as per the conditions of the binding agreement.

Step 4: If you have met all of the agreed installments, then after the 4 years all outstanding debt will be written off. It isstrictly illegal for any of the creditors active in the agreement to try and extort any more cash from you.

With no remaining debt, you can begin to enjoy your debt free life!

Advantages of a Trust Deed

  • Get back on top of your money by permitting us to convert your spiralling debt into a singular payment which you can afford.
  • After the arrangement is in place, your outstanding debt cannot rise any further – interest and any other fees which would normally be added can no longer be charged.
  • Creditors will be unable to pressure you with continuous intimidating mail and unwanted telephone calls.
  • Essential assets such as your property and vehicle can be safe.
  • Our company will take care of all the boring and complex paperwork and communications.
  • Legal action is no longer a choice available to creditors.
  • The cost of our services will be covered with the money owed to creditors – there are no advance costs to you. They are part of the monthly payment, or occasionally the liquidation of any assets.
  • If you keep to the agreement and satisfy every repayment, after 4 years all of the left over debt will be fully wiped out.
  • After a period of time, the record of the agreement will be wiped off of your credit rating, which will allow you to restore it and take care of your financial situation a great deal more easily.

Your Assets in a Trust Deed Blantyre

A Trust Deed is a fantastic method of protecting your most crucial assets, while paying off your debts due to the versatility it offers.

Your Home – Unless you opt to, it is very unlikely that you will be forced to sacrifice your property. Our advisers will deal with your assets with the aim of making sure you can stay in your own home.

Even so, it may be necessary to release some equity (the difference between the market value of the house and the debt to be paid on it) to satisfy creditors included in the contract. The equity, that we will have analysed at the start of this process, may need to be converted into cash as part of the deal, however there are lots of approaches to achieve this without losing the property. These methods we can use to protect your home will be explained to you by our advisers.

Your Car – It is also unusual to lose your vehicle if you need it for work or for family responsibilities.

However, if your motor vehicle is brand new, or valued at a significant amount of money, then you may be asked to swap it in for a less valuable model, which will release some money to contribute toward your payments to creditors. If you are in some form of finance arrangement to purchase your vehicle, such as Hire Purchase, this will be included as part of your necessary expenses.

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