Trust Deed Inverkip
Developed by the Scottish government to aid all those unable to keep their debt in check, a Trust Deed Inverkip is a formal financial arrangement which will allow you to transform multiple outstanding debts into one decreased monthly instalment plan. The agreement transpires over a set period, in general 4 years, at the end of which any remaining debt will be written off if all conditions have been met.
Once your payment plan has been put together and becomes ‘protected’ we can bring an end to creditor harassment. They can no longer threaten you with court action, and, any time they have to contact you, they must go through us. This means no more unwanted phone calls and threatening letters asking for money from you. Trust Deeds exist to assist the many Scots across the country who have found themselves facing debt trouble to build a fresh beginning – without having to submit an application for the more extreme measure of sequestration.
To qualify, you will need to live in Scotland (or have resided there inside the past 12 months), hold unsecured debts of amounting to more than £5000, and also be insolvent (unable to pay back the whole sum owed).
- Credit Cards
- HMRC Debts
- Store Cards
- Payday Loans
- Unsecured Personal Bank Loan
- Council Tax Arrears
You will also need to contribute a regular monthly payment from your earnings or assets, that is enough in order to satisfy your creditors. We can establish everything, but creditors will in most cases require at minimum a payment of 10p on every £1 that were due.
How is a Trust Deed set up?
Since we do all of the heavy-lifting and take care of most of the paperwork, we make the whole set up system incredibly simple and easy for you.
Step 1: The first thing to do is pick up the phone and get in touch, subsequently our consultants will review your financial circumstances. Afterwards, we will determine what you are able to reasonably afford to contribute towards your repayments.
All the guidance our advisers offer is free and impartial. No costs apply, and after you have listened to that which we have outlined for you, there will be zero demands on you to explore the process any further if you do not desire to.
Step 2: In cases where you do opt to proceed, debt free life will be designated as your trustee. From here, we will prepare a deal setting out to your creditors the total amount you will be able to contribute each month , and in what way your assets will be handled, as well as how much overall they can expect to receive over the four years.
Your creditors will then have five weeks to respond. As long as any rejections of the proposal that we obtain will not go beyond one third of the total amount that you have to pay, then the arrangement will go ahead and become protected. If we do not receive a answer from a creditor, we are allowed to assume they agree with the plan.
In the unusual event that the conditions of the contract are not approved, then our advisers can offer alternative options that can help advance your financial situation forward for you to consider.
Step 3: From this stage, your trust deed Debt Advice Glasgow will have attained protected status. Therefore, creditors cannot continue to harass you, and all court action against you is illegal.
You are only required to comply with conditions of the contract by delivering your single lowered regular monthly payment.
Step 4: If after the 4 years all of the agreed monthly payments have been fulfilled, then any leftover debt to creditors that is till to be paid will be written off. All creditors that were a part of the agreement cannot try and go after you for any balance that remains.
At this stage, you are welcome to enjoy your debt free life.
Advantages of a Trust Deed
- Get back on top of your finances by allowing us to turn your spiralling debt into a singular repayment dependent on afford.
- The moment your arrangement is in place, your current debt cannot rise any further – interest as well as other fees that would normally apply can no longer be added.
- Creditors can no longer harass you with constant intimidating letters and unsolicited phone calls.
- Important assets such as your house and motor vehicle can be secured.
- We will deal with all the monotonous and complex forms and communications.
- Legal action is no longer an option available to creditors.
- The cost of our services will be covered from the money owed to creditors – there are no advance costs to you. They will be part of the monthly installment, or once in a while the sale of any assets.
- Provided you adhere to the agreement and meet every payment, after 4 years all of the debt that remains will be entirely wiped out.
- Following a set period, the record of the arrangement will be removed from your credit history, which will allow you to rebuild it and manage your financial situation a great deal more easily.
Your Assets in a Trust Deed Inverkip
When compared with some other debt solutions, a Trust Deed is a wonderful method of safeguarding your most essential assets while addressing your financial troubles.
Your Home – If you don’t actively want to, it is remarkably extraordinary that your property will need to be sold. Our staff will always have your assets as a priority, ensuring you will be able to remain in your property.
Nevertheless, there are times when you could be required to realise some equity (for example, the worth of a property that has a mortgage minus any charges against it) to acheive the blessing of creditors. Any equity open to you will have been determined when you make contact with us. It might need to be converted into cash, or ‘realised’, but there are techniques of doing this without you having to lose your home. These techniques will be described simply but in detail by our experienced strategists.
Your Car – In cases where your vehicle is vital for your everyday needs, it is unlikely that you will lose it.
However, if the vehicle is of significant value you might need to trade it in for an older or more modest vehicle. This will release extra revenue that can go to creditors, so that you can have an agreeable proposition. If you are using a Hire Purchase or some other form of finance arrangement to own your car, then this will be considered as part of your essential monthly expenses.
Again, in cases where the car you are ‘paying up’ is expensive, then this cost may be taken into consideration.
Find out if you are eligible for a debt solution by getting having a chat with our advisers now, and let us help you to join the thousands of Scots across the country in taking the journey towards a debt free life.