Trust Deed Hamilton

Created by the Scottish government to aid people battling to keep their debt in check, a Trust Deed Hamilton is a formal financial agreement which will allow you to transform multiple outstanding debts into one lowered monthly repayment plan. The plan occurs across a set period, commonly 48 months, at the end of which any remaining debt will be wiped out if all terms and conditions have been fulfilled.

Trust Deed Hamilton

When your payment program has been recognised and becomes ‘protected’ we will bring an end to creditor harassment. They are unable to stress you with legal action, and, whenever they need to contact you, they must go through us. This means no more undesired telephone calls and threatening letters demanding cash from you. Trust Deeds exist to aid the thousands of Scots across the country who have found themselves struggling against financial trouble to make a fresh beginning – without needing to apply for the more excessive measure of filing for bankruptcy.

To meet the criteria, you have to live in Scotland (or have resided there within the past year), hold unsecured debt of over £5000, and also be insolvent (unable to repay the complete sum you owe).

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

We will also need to determine if you are able to cover a regular monthly repayment that satisfies creditors, usually through income or assets. This normally requires the ability to repay at least 10p on the pound of what was owed.

How is a Trust Deed set up?

The process of getting everything put in place with our company is a sequence simple and easy, manageable steps.

Step 1: Once you get in touch with our business we will look into your finances and familiarise ourselves with the situation you are in. Once we are familiar with your circumstances we will determine what you are able to reasonably pay each month without letting you continue to struggle.

Advice from us costs nothing and is unbiased. There is zero-obligation to take any further steps towards a debt solution following consultation, and no costs apply.

Step 2: Should you choose to go forward, our company will become your official trustee. We will offer the proposal to your creditors, explaining the way in which assets will be handled (your home and car are secure more often than not), and make them aware of how much of the debt you owe that they can expect to collect over the predetermined fixed term.

Your creditors then have five weeks to accept the conditions. If any objections we obtain do not exceed a third of the value of the money you owe, then the process will go ahead – earning protected status. If creditors do not respond to the offer the assumption is that they have approved the conditions.If the offer fails at this stage then we can provide alternate monetary advice on how is best to continue.

Step 3: The trust deed Debt Advice Glasgow will now have attained protected status. From this point, any creditors involved in the agreement cannot threaten you with legal action or attempt to get in touch in any way.

The only thing that you have got to do is deliver your single reduced monthly repayment; our team will take care of everything else.

Step 4: All going well, following the 48 month fixed term you’ll have paid, meaning than any of the debt that remain will probably be written off entirely. It’s illegal for its creditors to attempt to get any more money from you.

From here you’ll be debt free and will make the most of your financial fresh start.

Advantages of a Trust Deed

  • Regain control over your finances allowing us to transfer your unmanageable debts into a single decreased monthly installment.
  • Once you have entered into the arrangement, your current debt is frozen during the agreed term – no more costs, for example interest, can be added onto the total.
  • Put a stop to harassment; stop worrying about the telephone ringing and the letter box opening.
  • Protect your most vital assets, such as your car and home.
  • All of the difficult administrative stuff is handled by our team.
  • Creditors cannot pursue legal action to get cash from you.
  • There will be zero extra fees for our expert services, they are commonly included in your monthly payment, or may sometimesbe taken from from the liquidation of any relevant assets.
  • After all installments are actually met, in most cases after around 48 months, all outstanding money owed to creditors included in the deal are wiped off.
  • After a set term, your credit rating will be reset, which gives you more flexibility to look after your financial situation in the future.

Your Assets in a Trust Deed Hamilton

When matched against various other debt solutions, a Trust Deed can be a wonderful strategy for protecting your most vital assets while dealing with your debt.

Your Home – Unless you actively want to, it is extremely extraordinary that your house is required to be sold. Our team will always have your assets as a priority, ensuring you can remain in your residence.

Nonetheless, occasionally you might be required to realise some equity (for instance, the worth of a property with a mortgage minus any charges towards it) in order to get the blessing of creditors. Any equity available to you will have been assessed soon after you reach out to us. It may need to be transformed into cash, or ‘realised’, but there are methods of accomplishing this without you losing your home. These methods will be explained simply but in depth by our experienced strategists.

Your Car – If your vehicle is vital for your daily needs, it is unlikely that you will have to lose it.

However, if the vehicle is of significant worth you might need to swap it in for an older or more moderate version. This will release additional money to go to creditors, so we can draft a more agreeable proposition. If you are employing a Hire Purchase or some other method of financial arrangement to acquire your motore vehicle, then this will be considered as part of your essential monthly expenses.

Again, in cases where the motor vehicle you are ‘paying up’ is particularly costly, then this expenditure may have to be reviewed.