Trust Deed Robroyston

Developed by the Scottish government to help people battling to keep their debt manaegable, a Trust Deed Robroyston is a formal insolvency agreement which enables you to transform several outstanding debts into one reduced monthly repayment plan. The plan transpires over a fixed interval, in most cases 4 years, by the end of which all outstanding debt will be written off assuming all terms are fulfilled.

Trust Deed Robroyston

Once your payment program is put together and becomes ‘protected’ we can put an end to creditor harassment. They are unable to stress you with court action, and, anytime they need to contact you, they must do so us. This means an end to stressful telephone calls and threatening letters demanding money from you. Trust Deeds exist to assist the many Scots across the nation who have found themselves facing debt problems to work towards a fresh beginning – without needing to make an application for the more significant step of bankruptcy.

To qualify, you have to live in Scotland (or have lived there inside the past 12 months), hold unsecured debts of over £5000, and be insolvent (unable to repay the total sum owed).

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

Our advisers will also require some information regarding your earnings, along with any relevant assets, to enable them to evaluate whether or not you can make a monthly payment which will satisfy your creditors. For creditors to come to an agreement, you must generally be able to pay off 10% of what was owed.

How is a Trust Deed set up?

Setting up the contract is just a series of hassle-free, easily comprehensible stages.

Step 1: As soon as you pick up the telephone and give us a call, our consultants will get some information from you and assess your situation. When we have all of the data we require, we will work out what you could reasonably pay to each instalment without having nothing to live on.

Getting in touch with us is totally free and everything we will explain to you is utterly professional and impartial. You will be under no pressure to take any further steps towards a debt solution after talking with us, and no charges will apply.

Step 2: in the event you decide to continue advancing forward, then we will be designated as your trustee. Once we draft a proposal we will offer it to your creditors, detailing how your assets are going to be dealt with, what monthly payment you will be able to contribute, and how much of the debt owed they can anticipate recouping across the fixed term. Normally, your property and motor vehicle will become secure.

The creditors included then have five weeks to look at the offer and accept or refuse the terms. The debt solution will go ahead if we do receive objections, provided they do not form more than one third of the debt you owe – at this stage the arrangement will have obtained protected status. In the event creditors do not take action at all, this will be thought of as an validation.

In rare cases where the offer is not approved, then there will be additional tactics available to you which our advisers can outline for you in detail.

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

This will continue to be so provided you keep making your your cheaper regular installments, as per the conditions of the arrangement.

Step 4: In the event you do meet all of the agreed payments, then after the agreed term all outstanding debt will be waived. It is illegal for any of the creditors involved in the agreement to try and get any more money from you.

With no remaining debt, you can start to enjoy your debt free life!

Advantages of a Trust Deed

  • Regain control of your finances allowing us to transfer your unmanageable debts into a single cheaper monthly payment.
  • As soon as you have entered into the deal, your existing debt is frozen during the agreed term – no more fees, including interest, can be added to the balance.
  • Put a stop to creditor harassment; stop worrying about the telephone ringing and the letter box opening.
  • Safeguard your most crucial assets, such as your car and house.
  • All of the actual complicated administrative stuff is taken care of by us.
  • Creditors cannot pursue legal action to get money from you.
  • There will be zero extra fees for our expert services, they are ordinarily included in your monthly payment, or in some cases from the liquidation of any appropriate assets.
  • Once all installment payments are actually fulfilled, generally after around 4 years, all outstanding money owed to creditors taking part in the agreement are wiped off.
  • After a fixed term, your credit rating will be reset, giving you more freedom to manage your finances in the future.

Your Assets in a Trust Deed Robroyston

When compared with various other debt solutions, a Trust Deed is a fantastic method of safeguarding your most essential assets while addressing your debt.

Your Home – If you don’t actively desire to, it is incredibly extraordinary that your house is required to be sold. Our team always hold your assets as a priority, making sure you will be able to remain in your home.

Nevertheless, in some circumstances you might be required to realise some equity (for instance, the worth of a property with a mortgage minus any charges towards it) to get the support of creditors. Any equity open to you will have been estimated soon after you get in touch with us. It could possibly need to be transformed into cash, or ‘realised’, but there are various methods of achieving this without you losing your home. These techniques will be explained simply but in detail by our knowledgeable strategists.

Your Car – If your car is important for your day-to-day needs, it is improbable that you are going to have to lose it.

However, if the car is of significant worth you might need to swap it in for an older or more modest version. This will release more money that can go to your creditors, so that we can draft a more agreeable proposal. If you are utilising a Hire Purchase or some other method of financial agreement to own your car, then it will be considered as part of your necessary monthly expenses.

Again, in cases where the motor vehicle that you are ‘paying up’ is particularly pricey, then this expense may be taken into consideration.