Trust Deed Girvan
Created for people battling with spiralling debt, a Trust Deed Girvan is a formal, voluntary contract with creditors. It will wipe out debt via a single decreased monthly instalment based on what you are able to afford. The method is fixed-term, meaning upon the conclusion of the agreed period generally four years every one of your remaining debt is fully written off – as long as all payments are fulfilled.
As soon as we manage to get your debt solution set up and supported by your creditors, it will become protected. This means they are not able to try to obtain cash from you by sending persistent letters and making constant calls. All communications are required to go through us as a medium. Any court action against you is also no longer an option. Trust Deeds are an effective way for Scots to wipe out significant amounts of money without needing to take the more extreme measure of entering sequestration.
To meet the requirements, you need to be resident in Scotland, or have been inside the last 12 months, hold outstanding debts upwards of £5000 in unsecured finance, and be in a position in which you are unable to repay the whole amount that you owe.
- Credit Cards
- HMRC Debts
- Store Cards
- Payday Loans
- Unsecured Personal Bank Loan
- Council Tax Arrears
We’ll also have to work out whether you are able to cover a regular monthly repayment that satisfies creditors, ordinarily from income or assets. This normally requires the revenue to repay at least 10% of the full amount owed
How is a Trust Deed set up?
The entire process of getting everything put in place with our business is a series simple and easy, achievable steps.
Step 1: When you get in touch with our team we will evaluate your financial situation and get an idea of the situation you are in. Once we are familiar with your situation we will evaluate what you are able to realistically pay every month without letting you continue to struggle.
Advice from us costs nothing and is impartial. There is zero-obligation to take any more steps towards a debt solution after consultation, and no costs apply.
Step 2: If you choose to carry on, our company will become your official trustee. We will communicate the terms of the arrangement to your creditors, outlining the way in which assets are going to be dealt with (your house and motor vehicle are safe normally), and make them aware of how much of your outstanding debt they can expect to obtain over the predetermined fixed term.
The creditors involved then have five weeks to accept the terms and conditions. If any objections we obtain will not meet or exceed one third of the value of the debt owed, then the process can go ahead – attaining protected status. If creditors never answer to the proposition it is assumed that they have approved the terms and conditions.
Should the proposition fail at this point then we can offer alternate financial advice on how is best to progress.
Step 3: As soon as your trust deed Debt Advice Glasgow has obtained protected status, creditors cannot burden you with telephone calls or constant mail. In addition, you are shielded against any legal consequences.
This will continue to be the case provided you keep delivering your your cheaper regular repayments, as per the conditions of the binding agreement.
Step 4: Provided you have met all of your obligations, then after the 4 years all remaining debt will be waived. It isstrictly illegal for any creditor involved with the agreement to attempt to extort any more cash from you.
With zero remaining debt, you can begin to enjoy your debt free life!
Advantages of a Trust Deed
- Get back in control of your finances by allowing us to transform your spiralling debt into a single payment which you can afford.
- Once your contract is is established, your outstanding debt cannot rise any further – interest as well as other fees that could usually apply can no longer be added.
- Creditors will be unable to pressure you with persistent overwhelming mail and unwanted phone calls.
- Important assets such as your house and motor vehicle are generally secured.
- We will handle each of the boring and complicated forms and communications.
- Legal action is no longer a solution available to creditors.
- The cost of our services will be settled from the money owed to creditors – there won’t be any upfront costs to you. They will be part of the monthly installment, or sometimes the liquidation of any assets.
- Provided you stick to the arrangement and fulfill every repayment, after 48 months all of the left over debt will be entirely wiped out.
- After a period of time, the record of the agreement will be removed from your credit rating, allowing you to rebuild it and manage your finances much more easily.
Your Assets in a Trust Deed Girvan
A Trust Deed is a great method of protecting your most important assets, while paying off your debts due to the overall flexibility it offers.
Your Home – Unless you opt to, it is very unlikely that you will need to sacrifice your home. Our specialists will deal with your assets with the aim of making sure you can stay in your own home.
However, you may be required to release some equity (the gap between the market value of the home and the debt owed on it) in order to satisfy creditors as part of the arrangement. The equity, which will have been analysed at the outset of the procedure, may possibly need to be realised (converted into cash) as part of the settlement, however there are lots of approaches to achieve this without losing the house. These techniques of protecting your property will be specified to you by our consultants.
Your Car – It is also unusual to have to forfeit your motor vehicle if you need it for work or family responsibilities.
Even so, if the motor vehicle is brand new, or worth a great deal of money, you might be asked to swap it in for a less valuable model, which will release some revenue to contribute towards your repayments to creditors. If you are in some form of finance agreement to purchase your vehicle, like Hire Purchase, this will be included as part of your necessary expenses.
Once again, if the cost of your vehicle is excessive, then it may have to be reconsidered, but generally we can ensure you hold on to your car.
If anything remains uncertain, our professionals are happy to explain everything in full to you. It’s time to get rid of debt once and for all and join tens of thousands of people across the UK in using a legislated debt solution to bring a stop to creditor harassment!