Trust Deed Thornliebank
Designed for all those struggling with out of control debt, a Trust Deed Thornliebank is a formal, voluntary contract with creditors. It will eliminate debt through singular decreased monthly payment determined by that which you can contribute. The practice is fixed-term, meaning at the end of the agreed time generally 4 years all of your remaining debt is fully written off – on the condition that all payments are met.
As soon as we manage to get your debt solution put together and confirmed by your creditors, it will become protected. From this point on they are not able to attempt to get cash from you by sending regular letters and making constant calls. All communications must go through us as a medium. Any court actions against you are also no longer an option. Trust Deeds are a brilliant way for Scots to wipe out significant amounts of money without having to select the more considerable step of entering sequestration.
To be eligible, you must live in Scotland (or have lived there within the last year), have unsecured debt of over £5000, and also be insolvent (unable to pay back the full sum you owe).
- 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 salary or assets which is good enough in order to satisfy your creditors. We can verify all of this, although creditors will generally require at minimum a settlement of ten percent on each £1 they were due.
How is a Trust Deed set up?
The process of getting everything arranged with our business is a sequence of straightforward, achievable steps.
Step 1: When you get in contact with our business we will have a look at your finances and get an idea of your circumstances. Once we are familiar with your circumstances we will find out what you are able to reasonably pay each individual month without allowing you to carry on struggling.
Advice from us costs nothing and is impartial. There is zero-obligation to take any additional steps towards a debt solution after our discussion, and no charges apply.
Step 2: Should you choose to move forward, our company will become your official trustee. We will convey the terms of the arrangement to your creditors, outlining how your assets will be handled (your property and vehicle are secure normally), and tell them how much of your outstanding debt they can expect to acquire across the agreed fixed term.
The creditors involved then have five weeks to agree or disagree with the plan. If any objections we obtain do not surpass 1 third of the total of the money you owe, then the process will go forward – gaining protected status. If creditors will not react to the proposal it is assumed that they have accepted the conditions.
Should the suggestion fail at this point then we can provide alternate financial guidance on how is best to proceed.
Step 3: The trust deed Debt Advice Glasgow will now have attained protected status. From this point, any creditors involved in the agreement are unable to pressure you with legal action or try to get in touch through any medium.
All that you have to do is provide your individual cheaper monthly repayment; our specialists will deal with everything else.
Step 4: All going well, following the forty-eight month fixed term you will have paid, meaning than any of the debts that remain will probably be written off entirely. It’s prohibited for its creditors to try to take any more money from you.
From here you’ll be debt free, and will make the most of your financial fresh start.
Advantages of a Trust Deed
- We are able to transfer your unmanageable debt into a affordable individual monthly installment, dependent upon what you are able to pay for.
- All fees and rates of interest which would otherwise increase your debt balance will be stopped.
- The strain of endless unwelcome telephone calls and demanding letters will disappear – is illegal for creditors to try and get in touch with you directly.
- Generally, it is possible to keep your vehicle and remain in your own home.
- The monotonous paperwork and administrative stuff is up to us, you can just focus on making the repayments.
- The threat of court repercussions will be gone altogether.
- Any costs that are connected with our services will be taken from the regular payment or from any of your assets which might be sold – there will be no initial charge.
- All of the debt that is not paid off throughout the 4 years, quite simply, up to 80% of the initial total, will be written off.
- The procedure offers you the chance to reset your credit rating and to improve from there, instead of letting it continue to drop as you struggle to meet the minimum repayments.
Your Assets in a Trust Deed Thornliebank
A Trust Deed is a fantastic way to protect your most vital assets, while paying off your debts due to the flexibility it offers.
Your Home – Unless you choose to do so, it is very unlikely that you will need to sacrifice your property. Our consultants will handle your assets with the aim of keeping you in your house.
However, it may be necessary to release some equity (the difference between the market value of the home and the debt owed on it) to satisfy creditors included in the deal. The equity, which will have been evaluated at the beginning of the procedure, might have to be realised (converted into cash) as part of the contract, but there are various ways to achieve this without losing the house. These techniques we can use to protect your property will be defined to you by our advisers.
Your Car – It is also unusual to have to forfeit your vehicle if you require it for work or family responsibilities.
Nonetheless, if your vehicle is brand new, or valued at a significant amount of money, you might be asked to swap it in for a model of lesser value, releasing funds to put towards your repayments to creditors. If you are in some form of finance arrangement to pay for your vehicle, such as Hire Purchase, this will be included in your monthly expenditures.
Once again, if the value of your car is extreme, it may need to be reconsidered, but generally we are able to ensure you keep your vehicle.
Find out if you are eligible for a debt solution by getting having a chat with our consultants today, and let us help you to join the thousands of Scots throughout the country in taking the journey towards a debt free life.