Trust Deed Port Dundas
Developed for all those being affected by spiralling debt, a Trust Deed Port Dundas is a formal, voluntary agreement with creditors. It will write off personal debt via a single reduced monthly payment based upon what you can easily afford. The process is fixed-term, meaning at the end of the predetermined period typically 4 years each of your remaining debt is completely wiped out – provided all payments are met.
Once we have established your regular repayment programme you are protected against creditors. They can no longer make contact with you directly in an attempt to get cash, and do not have the choice to take legal action against you and your family. They can just contact us, and we will relay all appropriate details to you. Trust Deeds were created to support the thousands of Scots struggling with unmanageable debt to find a fresh start without needing to consider the serious step of entering sequestration.
In order to apply, you must be resident in Scotland, or have resided there inside the past calendar year, and also have unsecured debt at a minimum of £5000 which you are incapable of paying back (you need to be insolvent).
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
You will also have to contribute a regular monthly repayment from your income or assets that is sufficient in order to satisfy your creditors. We can confirm all of this, however lenders will generally require a minimum repayment of 10p of every £1 they are due.
How is a Trust Deed set up?
The whole process of getting everything arranged with our business is a series of simple, achievable steps.
Step 1: As soon as you get in touch with our business we will investigate your financial situation and familiarise ourselves with the situation you are in. Once we are familiar with your financial condition we will find out what you are able to realistically contribute every month without letting you continue to struggle.
Advice from us is free and impartial. There is zero-obligation to take any additional steps towards a debt solution following our discussion, and no service fees apply.
Step 2: In the case that you choose to continue, we will become your official trustee. We will offer the proposal to your creditors, outlining the way in which assets are going to be dealt with (your property and car are safe normally), and inform them of how much of your outstanding debt they can be prepared to obtain over the agreed fixed term.
The creditors involved then have five weeks to accept the terms. If any objections we acquire will not go beyond a third of the value of the debt you owe, then your process can go forward – earning protected status. If creditors do not reply to the offer the assumption is that they have approved the terms and conditions.
Should the suggestion fail at this point then we can provide alternative monetary guidance on how is best to move forward.
Step 3: Once your trust deed Debt Advice Glasgow has received protected status, creditors cannot burden you with phone calls or constant letters. In addition, you are safe from any legal consequences.
This will continue to be so as long as you keep making your your lowered regular monthly installments, as per the terms of the arrangement.
Step 4: In the event 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 included in the agreement to attempt to get any more cash from you.
With no remaining debt, you can begin to appreciate your debt free life!
Advantages of a Trust Deed
- Take back charge of your financial situation by letting us convert your unmanageable debts into a single cheaper monthly installment.
- Once you have signed up for the agreement, your existing debt is frozen over the arranged term – no more charges, for instance interest, can be added onto the total.
- Put a stop to creditor harassment; stop worrying about the phone going and the letter box opening.
- Protect your most essential assets, such as your car and house.
- All of the actual tricky administrative stuff is managed by our team.
- Creditors cannot undertake court action to get cash from you.
- There are no additional fees for our expert services, they are normally included in your monthly installment, or in some instances from the liquidation of any appropriate assets.
- Once all repayments are actually met, typically after around four eyars, all leftover debts to creditors engaged in the deal are written off.
- After a fixed term, your credit score will be totally reset, which grants you more flexibility to regulate your financial situation in the future.
Your Assets in a Trust Deed Port Dundas
A Trust Deed is an excellent method of protecting your most vital assets, while paying off your debts because of the overall flexibility it offers.
Your Home – Unless you decide to do so, it is extremely unlikely that you will need to sell your house. Our consultants will deal with your assets with the aim of making sure you can stay in your house.
Even so, it may be necessary to release some equity (the difference between the market value of the property and the debt owed on it) in order to satisfy creditors included in the contract. The equity, that we’ll have analysed at the start of the procedure, may possibly need to be converted into cash as part of the arrangement, but there are a number methods to achieve this without having to lose the house. These techniques we can use to protect your property will be explained to you by our specialists.
Your Car – It is also unusual to have to forfeit your car if you require it for work or for family obligations.
On the other hand, if your motor vehicle is brand new, or valued at a great deal of money, then you may be required to exchange it for a model of lesser value, releasing funds to put towards your payments to creditors. If you are in some form of finance agreement to purchase your car, such as Hire Purchase, this will be included as part of your regular costs.
Again, if the value of your car is excessive, then it may have to be reconsidered, but usually we are able to ensure you hold on to your car.
For additional information on whether you meet the requirements to enter into a debt solution give our amazing debt squad a call today. We are dedicated to helping you get back in control of your money using formal fully-legislated processes like thousands of other Britons across the UK!