Trust Deed Lenzie

A Trust Deed Lenzie is a legally-binding contract developed to help all those struggling with debt. It helps you eliminate multiple debts to various creditors, via a lower monthly repayment, based on what you can afford. If at the conclusion of your agreement, which usually is set at four years, all the terms and conditions are met and no payments have been missed, then any debt that has not yet been paid off is waived entirely.

Trust Deed Lenzie

After we have established your regular payment programme you will be protected from creditors. They can’t get in touch with you directly regarding money, and no longer have the choice to take legal action against you and your family. They can just contact us, and we will communicate all appropriate information directly to you. Trust Deeds were designed to help the tens of thousands of Scots dealing with with unmanageable debt to build a fresh start without needing to take the serious step of declaring bankruptcy.

To qualify, you have to live in Scotland (or have lived there inside the last year), have unsecured debts of over £5000, and also be insolvent (unable to settle the entire amount you owe).

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

We will also have to determine if it’s possible for you to pay a monthly payment that suits creditors, usually through income or assets. This generally requires the revenue to pay back at least 10p on the pound of what was owed.

How is a Trust Deed set up?

The process of getting everything arranged with us company is a sequence of straightforward, achievable steps.

Step 1: Once you get in touch with our company we will examine your finances 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 reasonably pay every monthly installment without letting you continue to struggle.

Advice from us is free of charge and unbiased. There is zero-obligation to take any additional steps towards a debt solution after consultation, and no costs apply.

Step 2: Should you choose to carry on, our company will become your official trustee. We will communicate the conditions of the arrangement to your creditors, explaining how your assets are going to be dealt with (your house and car are secure typically), and inform them of how much of the debt you owe that they can anticipate to obtain over the agreed fixed term.

Your creditors then have five weeks to acknowledge the terms and conditions. If any objections we receive do not go over 1 third of the value of the money you owe, then the process will go forward – attaining protected status. If creditors never respond to the proposal the assumption is that they have approved the terms and conditions.

Should the proposal fail during this period then we can offer alternative financial advice on how is best to proceed.

Step 3: As soon as your trust deed Debt Advice Glasgow has attained protected status, creditors cannot bother you with phone calls or constant mail. You are also safe from any legal consequences.

This will persist in being so provided you continue to make your cheaper regular repayments, as outlined by the terms of the binding agreement.

Step 4: Provided you do meet all of the agreed payments, then after the 48 months all remaining debt will be waived. It is illegal for any of the creditors active in the agreement to try and extort any more money from you.

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

Advantages of a Trust Deed

  • We will be able to transfer your unmanageable debts into a reasonable single repayment, dependant upon what you can afford to pay for.
  • All fees, charges and interest rates that would otherwise increase your debt will be stopped.
  • The pressure of endless unwelcome telephone calls and demanding letters will disappear – it illegal for creditors to try and reach you directly.
  • Commonly, you will be able to keep your motor vehicle and remain in your house.
  • The dull documentation and administrative stuff is up to us, you can just focus on making the repayments.
  • The threat of court action will be gone entirely.
  • Any fees that apply for our services will be obtained from the regular settlement or from any of your assets that may be sold – there is zero initial cost.
  • All of the debt that is not paid off throughout the 4 years, in other words up to eight tenths of it, will be wiped off.
  • The procedure offers you a chance to reset your credit score and to build up from that point, rather than allowing it to continue to drop as you battle to meet the minimum repayments.

Your Assets in a Trust Deed Lenzie

A Trust Deed is a good way to protect your most crucial assets, while still being able to pay off your debts as a result of the flexibility it will offer.

Your Home – Unless you decide to do so, it is very unlikely that you’ll have to sell your house. Our consultants will handle your assets with the intention of keeping you in your own home.

However, you may be required to release some equity (the difference between the market value of the property and the debt to be paid on it) to satisfy creditors as part of the settlement. The equity, that we’ll have analysed at the beginning of this process, might need to be realised (converted into cash) as part of the agreement, however there are several approaches to do this without having to lose the house. These techniques we can use to protect your house will be defined to you by our consultants.

Your Car – It is also unusual to have to forfeit your vehicle if you require it for work or family obligations.

However, 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, releasing funds to put toward your repayments to creditors. If you are in some form of finance arrangement to purchase your vehicle, like Hire Purchase, it will be included as part of your monthly expenditures.

Once again, if the cost of your vehicle is extreme, then it may have to be reconsidered, but generally we can make sure you hold on to your car.