Trust Deed Stirling
A Trust Deed Stirling is a legally-binding commitment developed to support those struggling with debt. It helps you to do away with numerous debts to different creditors, via a decreased monthly repayment, based on what you can pay for. If at the conclusion of your agreement, which is usually set at 48 months, all of the terms and conditions have been met and no payments have been missed, then any debt that has yet to be paid off is waived entirely.
As soon as your repayment plan is set up and becomes ‘protected’ we can put an end to creditor harassment. They can no longer threaten you with legal actions, and, every time they want to contact you, they must do so us. This means an end to unwelcome phone calls and intimidating letters demanding money from you. Trust Deeds exist to help the tens of thousands of Scots across the country who have found themselves struggling against debt problems to make a new beginning – without needing to apply for the more extreme measure of bankruptcy.
To meet the criteria, you have live in Scotland, or have been inside the past year, possess outstanding debt upwards of £5000 in unsecured finance, and be in a position in which you won’t be able to pay back the entire amount that you owe.
- Store Cards
- HMRC Debts
- Payday Loans
- Council Tax Arrears
- Unsecured Personal Bank Loan
- Credit Cards
Our advisers will also require some details of your income, along with any relevant assets, so that they can evaluate whether or not you could make a regular monthly payment that can suit your creditors. For creditors to consent, you must generally be able to settle ten pence on every pound that was is owed.
How is a Trust Deed set up?
Establishing the arrangement is merely a series of effortless, easily comprehensible steps.
Step 1: When you pick up the telephone and get in touch, our advisers will get some information from you and evaluate your position. After we have got all of the information we need, we can figure out what you could realistically contribute to each month without having nothing left over.
Getting in contact with our team is completely free of charge and everything we will tell you is completely professional and impartial. We will not demand that you take any more steps towards a debt solution after speaking with us, and it will cost you absolutely nothing.
Step 2: If you decide to keep advancing forward, then we will be assigned as your trustee. After we produce a proposal we will convey it to your creditors, detailing how your assets are going to be dealt with, what monthly instalment you will be able to contribute, and how much of the debt owed they can anticipate receiving across the fixed term. In most instances, your house and vehicle will be protected.
Your creditorswill then have 5 weeks to contemplate the offer and either settle for or decline the terms. The debt solution can go ahead if we do receive objections, provided they will not make up in excess of a third of the money you owe – at this stage the contract will have acquired protected status. Should creditors not take action at all, this is thought of as an acknowledgement.
In rare cases where the proposition is not recognised, then there will be additional options available which our team can outline thoroughly.
Step 3: After your trust deed Debt Advice Glasgow has gained protected status, creditors cannot bother you with telephone calls or constant mail. You are also shielded against any legal repercussions.
This will persist in being the case provided you keep delivering your your reduced regular monthly repayments, as outlined by the conditions of the settlement.
Step 4: If you do meet all of your payments, then after the 48 months all remaining debt will be waived. It isstrictly illegal for any creditor involved in the agreement to attempt to get any more cash from you.
With no remaining debt, you can begin to enjoy your debt free life!
Advantages of a Trust Deed
- Get back in charge of your financial situation by letting us transform your spiralling debt into a singular repayment which you can afford.
- As soon as the contract is in place, your outstanding debt cannot rise any further – interest and any other fees that could usually apply can no longer be added.
- Creditors will be unable to burden you with continuous intimidating mail and unsolicited phone calls.
- Important assets like your home and motor vehicle can be secured.
- Our specialists will take care of all the monotonous and complicated forms and communications.
- Legal measures are no longer a choice open to creditors.
- The cost of our services will be taken care of by the money you owe to creditors – there won’t be any advance costs to you. They are part of the monthly payment, or once in a while the sale of any assets.
- Provided you keep to the arrangement and satisfy each and every repayment, after 4 years all of the left over debt will be totally wiped out.
- Following a set period, the record of the agreement will be wiped off of your credit history, allowing you to restore it and take care of your financial situation much more easily.
Your Assets in a Trust Deed Stirling
A Trust Deed is an excellent way to protect your most vital assets, while paying off your debts due to the flexibility it offers.
Your Home – Unless you opt to, it is incredibly unlikely that you’ll be forced to sell your home. Our advisers will deal with your assets with the intention of making sure you can stay in your own home.
Even so, it may be necessary to release some equity (the difference between the market value of the home and the debt owed on it) in order to satisfy creditors included in the contract. The equity, which will have been worked out at the outset of the process, may possibly have to be converted into cash as part of the deal, but there are several ways to do this without losing the house. These methods of protecting your house will be explained to you by our specialists.
Your Car – It is also unusual to lose your car if you require it for work or for family responsibilities.
However, if the motor vehicle is brand new, or valued at a significant amount of money, then you may be required to exchange it for a less valuable model, which will release some cash to contribute toward your repayments to creditors. If you are in some form of finance agreement to pay for your vehicle, such as Hire Purchase, it will be included as part of your necessary costs.
Once again, if the price of your vehicle is excessive, then it might have to be reconsidered, but typically we can make sure you keep the car.
Check if you are eligible for a debt solution by getting in touch with one of our consultants now, and let us help you to join the tens of thousands of Scots throughout the country in taking the journey towards a debt free life.