Trust Deed Rutherglen

Developed by the Scottish government to help those fighting to keep their debt manaegable, a Trust Deed Rutherglen is a formal financial agreement which will allow you to transform multiple outstanding debts into one decreased monthly repayment plan. The agreement transpires over a fixed period, ordinarily 48 months, after which all excess debt will be waived presuming all conditions are fulfilled.

Trust Deed Rutherglen

Once your repayment system is recognised and becomes ‘protected’ we will bring an end to creditor harassment. They cannot stress you with legal action, and, every time they want to contact you, they are required to go through us. This means no more unwelcome phone calls and intimidating letters asking for money from you. Trust Deeds exist to help the many Scots across the country who are having financial problems to enjoy a fresh start – without having to apply for the more significant step of filing for bankruptcy.

In order to be eligible, you should be resident in Scotland, or have resided here within the past twelve months, and also have unsecured debts equating to a minimum of £5000 which you are unable to repay (you need to be insolvent).

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

Our agents will also require some specifics of your earnings, along with any relevant assets, so that they can evaluate whether or not you could make a monthly repayment that can suit your creditors. For creditors to consent, you must generally be able to payback ten pence on every pound that was is supposed to be paid.

How is a Trust Deed set up?

The whole process of getting everything established with our company is a series basic, achievable steps.

Step 1: After you get in contact with our team we will have a look at your financial situation and get an idea of the situation you are in. Once we are familiar with your financial condition we will figure out what you could reasonably contribute each individual monthly installment without letting you continue having difficulties.

Advice from us is free and unbiased. There is zero-obligation to take any further steps towards a debt solution after our discussion, and no service fees apply.

Step 2: If you choose to continue, our business will become your official trustee. We will offer the proposal to your creditors, explaining how your assets will be managed (your home and vehicle are safe more often than not), and inform them of how much of your outstanding debt they can anticipate to obtain over the predetermined fixed term.

Your creditors then have five weeks to agree or disagree with the terms and conditions. If any objections we receive do not exceed a third of the total of the debt owed, then your process will go forward – reaching protected status. If creditors will not reply to the proposal the assumption is that they have approved the terms and conditions.

Should the proposal fail at this point then we can provide alternative financial advice on how is best to proceed.

Step 3: From this stage, your trust deed Debt Advice Glasgow will have been granted protected status. Therefore, creditors are not allowed to continue to try and contact you, and all court action against you is out of the question.

You are simply required to meet the terms of the agreement by delivering your individual reduced monthly repayment.

Step 4: If after the four years all of the agreed payments have been met, then any surplus debt to creditors that is till to be paid will be wiped out. All creditors who had been a part of the arrangement cannot try and go after you for any debt that remained.

From here, you are welcome to move forward with your debt free life.

Advantages of a Trust Deed

  • Get back in control of your financial situation by letting us transform your spiralling debt into a single payment that you can afford.
  • The instant your settlement is in place, your current debt cannot rise any further – interest as well as other fees which would usually apply can no longer be added.
  • Creditors can no longer harass you with regular overwhelming mail and undesired phone calls.
  • Essential assets such as your home and motor vehicle are generally safeguarded.
  • We will handle each of the monotonous and complex paperwork and communications.
  • Legal action is no longer an option available to creditors.
  • The cost of our services will be paid for with the money you owe to creditors – there won’t be any advance costs to you. They are part of the monthly payment, or sometimes the liquidation of any assets.
  • On the condition you stick to the arrangement and fulfill each and every repayment, after 4 years all of the remaining debt will be fully written off.
  • After a set period, the record of the agreement will be removed from your credit rating, allowing you to restore it and maintain your financial situation a great deal more easily.

Your Assets in a Trust Deed Rutherglen

When matched against various other debt solutions, a Trust Deed is an effective method of safeguarding your most critical assets while addressing your financial troubles.

Your Home – Unless you actively desire to, it is exceptionally rare that your house is required to be liquidated. Our staff will always hold your assets as a priority, making sure you are able to stay in your own home.

However, now and again you might be required to realise some equity (for example, the worth of a property with a mortgage minus any charges against it) to acheive the blessing of creditors. Any equity available to you will have been calculated when you reach out to us. It might have to be converted into cash, or ‘realised’, but there are many tactics of doing this without you having to lose your home. These methods will be explained simply but in depth by our experienced team.

Your Car – If your vehicle is important to your day-to-day requirements, it is unlikely that you will have to lose it.

However, if the motor vehicle is of significant value you might need to trade it in for an older or more modest model. This will release additional revenue to go to your creditors, so that you can have an agreeable proposition. If you are involved in a Hire Purchase or some other form of financial agreement to acquire your car, then this will be taken as part of your essential monthly expenses.

Again, if the car you are ‘paying up’ is expensive, then this expenditure may be taken into consideration.