Trust Deed Bridge of Weir
A Trust Deed Bridge of Weir is a legally-binding commitment designed to assist all those struggling against unmanageable debt. It can assist you remove numerous debts to different creditors, via a lower monthly repayment, based on what you are able to afford. If at the conclusion of your agreement, which usually is set at 4 years, all of the terms are fulfilled and no payments are missed, then any debt that has not yet been paid off is waived entirely.
As soon as your payment plan is put in place and becomes ‘protected’ we can bring an end to creditor harassment. They can no longer burden you with court action, and, whenever they need to contact you, they are required to do so us. This means no more undesired telephone calls and intimidating letters demanding cash from you. Trust Deeds exist to help the countless Scots all around the country who have financial problems to establish a fresh start – without having to apply for the more significant measure of sequestration.
To meet the criteria, you will need to live in Scotland (or have resided there within the past year), hold unsecured debt of over £5000, and also be insolvent (unable to pay back the full sum you owe).
- Credit Cards
- HMRC Debts
- Store Cards
- Payday Loans
- Unsecured Personal Bank Loan
- Council Tax Arrears
You will also have to contribute a monthly payment out of your salary or assets which is enough in order to satisfy your lenders. We can calculate everything, but lenders will ordinarily need at minimum a repayment of 10 pence of every £1 they are due.
How is a Trust Deed set up?
Setting up the arrangement is merely a series of simple, easily comprehensible stages.
Step 1: After you pick up the telephone and get in contact, our consultants will get some financial information from you and evaluate your position. After we have got all of the information we require, we will determine what you can reasonably pay to every month without having nothing left over.
Getting in contact with us is completely free and everything we will explain to you is totally professional and impartial. You will be under no pressure to take any additional steps towards a debt resolution after conversing with us, and no fees will apply.
Step 2: Should you opt to continue progressing forward, then we will be appointed as your trustee. Once we write an offer we will submit it to your creditors, describing the way in which assets will be managed, what monthly instalment you will be able to contribute, and exactly how much of the money owed they can anticipate recouping across the fixed term. Normally, your home and vehicle can be secure.
The creditors includedwill then have 5 weeks to contemplate the proposal and agree to or reject the terms and conditions. The process will go forward if we do receive objections, so long as they do not constitute more than one third of the money you owe – from here the settlement will have acquired protected status. Whenever creditors do not reply at all, this will be thought of as an validation.
In rare cases where the offer is not accepted, then there will be additional options accessible to you which our team can outline to you in depth.
Step 3: Your trust deed Debt Advice Glasgow will now have received protected status. From here, your creditors are unable to threaten you with legal repercussions or attempt to make contact through any medium.
The only thing that you have to do is provide your single decreased regular monthly payment; we will deal with the rest.
Step 4: All going well, following the 48 month fixed term you’ll have paid, meaning than any of those debt that stay will probably be written off entirely. It’s prohibited for the creditors to attempt to get any more money from you.
From here you will be debt free and will make the most of your financial fresh start.
Advantages of a Trust Deed
- We will be able to transfer your current unmanageable debts into a realistic individual monthly installment, dependant upon what you can afford.
- All fees, charges and rates of interest which would otherwise increase your debt balance will be stopped.
- The stress of frequent undesirable phone calls and daunting letters will be gone – will be illegal for creditors to attempt to get hold of you directly.
- Generally, you will be able to hold on to your vehicle and stay in your own home.
- The mundane forms and administrative stuff is up to us, you can just focus on making the repayments.
- The risk of legal repercussions will be gone entirely.
- Any charges that are connected with our services will be taken from your regular monthly repayment or from any of your assets that may be sold – there is no upfront cost.
- All of the debt that is not paid off in the course of the four years, quite simply, up to eight tenths of it, will be cancelled.
- The procedure gives you the chance to reset your credit score and to improve from there, rather than allowing it to drop continually as you fight to meet the monthly payments.
Your Assets in a Trust Deed Bridge of Weir
A Trust Deed is an effective way to protect your most crucial assets, while still being able to pay off your debts as a result of the flexibility it offers.
Your Home – Unless you choose to do so, it is incredibly unlikely that you’ll be forced to sacrifice your own home. Our consultants will deal with your assets with the aim of making sure you can stay in your house.
However, it may be necessary to release some equity (the difference between the market value of the property and the debt to be paid on it) to satisfy creditors included in the deal. The equity, which will have been worked out at the beginning of the process, might need to be converted into cash as part of the arrangement, but there are various ways to do this without losing the house. These techniques we can use to protect your property will be detailed to you by our consultants.
Your Car – It is also unusual to lose your vehicle if you require it for work or for family commitments.
Even so, if the car is brand new, or valued at a great deal of money, then you may be required to swap it in for a less valuable model, which will release some cash to contribute towards your payments to creditors. If you are in some form of finance agreement to pay for your car, such as Hire Purchase, this will be included as part of your necessary costs.
Once again, if the price of your car is excessive, it might have to be reconsidered, but usually we can ensure you keep the vehicle.
See whether you can get a debt solution by getting having a chat with one of our consultants now, and let us help you to join the tens of thousands of Scots across the country in taking the journey towards a debt free life.