Trust Deed Parkhead
Introduced by the Scottish government to aid all those battling to keep their debt in check, a Trust Deed Parkhead is a formal financial agreement which allows you to transform a number of outstanding debts into one reduced monthly payment plan. The arrangement transpires across a fixed interval, usually 48 months, at the end of which all outstanding debts will be written off if all conditions are fulfilled.
After we have put in place your regular payment programme you are protected from lenders. They can no longer contact you directly regarding cash, and no longer have the option to take court action against you and your family. Your creditors only contact us, and we will communicate any appropriate information to you. Trust Deeds were developed to aid the tens of thousands of Scots fighting with debt to obtain a brand new start without needing to take the serious action of declaring bankruptcy.
In order to apply, you should be resident in Scotland, or have lived here within the last twelve months, and also have unsecured debts equating to a minimum of £5000 that you are incapable of repaying (you need to be insolvent).
- Credit Cards
- Store Cards
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Payday Loans
- HMRC Debts
Our agents will also need some information regarding your earnings, and any any suitable assets, so that they can determine whether or not you can make a regular monthly repayment which will satisfy your creditors. For creditors to consent, you must typically manage to settle 10% of what was supposed to be paid.
How is a Trust Deed set up?
The whole process of getting everything established with our company is a series of straightforward, manageable steps.
Step 1: As soon as you get in touch with our team we will review your finances and familiarise ourselves with your circumstances. Once we are familiar with your financial condition we will figure out what you can reasonably pay every month without letting you continue having difficulties.
Advice from us is free and impartial. There is zero-obligation to take any more steps towards a debt solution subsequent to our discussion, and no charges apply.
Step 2: Should you choose to go forward, our business will become your established trustee. We will convey the conditions of the arrangement to your creditors, detailing how your assets are going to be dealt with (your home and car are safe in most cases), and tell them how much of your outstanding debt they can be prepared to collect across the agreed fixed term.
Your creditors then have five weeks to acknowledge the terms and conditions. If any objections we obtain do not go beyond a third of the total of the debt owed, then the process can go ahead – gaining protected status. If creditors do not reply to the proposition it is assumed that they have approved the terms.If the proposition fails during this period then we can offer alternative financial guidance on how is best to progress.
Step 3: The trust deed Debt Advice Glasgow will now have achieved protected status. From this stage, any creditors involved in the agreement cannot pressure you with court action or attempt to make contact by any means.
The only thing that you have got to do is deliver your individual reduced regular monthly repayment; we will handle everything else.
Step 4: All going well, following the 48 month fixed term you will have paid, meaning than all of the debt which stay will probably be written off completely. It’s prohibited for the creditors to attempt to take 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
- Get back in control of your money by permitting us to turn your spiralling debt into a single repayment that you can afford.
- Once the contract is is established, your current debt cannot rise any further – interest and any other fees which would normally apply can no longer be added.
- Creditors can no longer burden you with constant daunting mail and unsolicited telephone calls.
- Important assets like your home and car can be secure.
- We will handle all the dull and complicated forms and communications.
- Court action is no longer a choice open to creditors.
- The cost of our services will be covered by the money owed in the first place – there are no upfront costs to you. They will be included in the monthly repayment, or occasionally the liquidation of any assets.
- If you adhere to the arrangement and fulfill each and every payment, after 48 months all of the debt that remains will be completely wiped out.
- Following a period of time, the record of the agreement will be removed from your credit rating, allowing you to restore it and maintain your finances much more easily.
Your Assets in a Trust Deed Parkhead
Compared to various other debt solutions, a Trust Deed can be a wonderful method of safeguarding your most crucial assets while addressing your financial troubles.
Your Home – Unless you actively prefer to, it is exceptionally rare that your house will have to be liquidated. Our staff will always hold your assets as a priority, making sure you will be able to remain in your home.
Even so, sometimes you could be required to realise some equity (for example, the value of a property that has a mortgage minus any charges against it) in order to get the approval of creditors. Any equity available will have been worked out when you make contact with us. It could possibly have to be transformed into cash, or ‘realised’, but there are many tactics of doing this without you losing your home. These methods will be described simply but in detail by our knowledgeable team.
Your Car – In cases where your motor vehicle is vital to your day-to-day requirements, it is improbable that you are going to lose it.
However, if the motor vehicle is of significant worth you might need to swap it in for an older or more moderate version. This will release extra revenue to go to your creditors, so we can draft a more agreeable proposition. If you are involved in a Hire Purchase or another method of finance arrangement to obtain your vehicle, then it will be considered as part of your essential monthly expenses.
Again, in the event the vehicle that you are ‘paying up’ is expensive, then this expenditure may need to be reviewed.
See whether you can get a debt solution by getting in contact with one of our consultants now, and let us help you by joining tens of thousands of Scots across the nation in taking the journey towards a debt free life.