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Posted: Wed Dec 09, 2015 1:40 am
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Lower monthly repaynts Brent Celek Jersey , deal with your creditors and be discharged from most of your debts in 48 months with a Protected Trust Deed in Scotland鈥hat is a Trust Deed?A Trust Deed is a formal agreent beeen you and your creditors to pay bk what you can afford towards your debts. Once Protected they are an extrely powerful and legal tool to help you bk on the road to financial stability. A Trust Deed is designed for people who have taken out too much debt and are struggling to et their monthly repaynts. The minimum repaynt period for a Trust Deed is 48 months* (4 years) unless an alternate arrangent is agreed. You will be required to pay a set amount per month for the 48 month period. At the end of term, provided that you have t your obligations and the Trust Deed is not extended, you will be discharged from any obligations and outstanding unsecured debts bound by the start of the arrangent.What about further interest and charges?Once you have entered into a Trust Deed all creditors bound by thearrangent must not apply further interest and charges. As long as the Trust Deed bees Protected, no legal tion will be taken against you by your creditors. How much does it cost to setup?There is no upfront charges for setting up a Trust Deed, but if you use a third party for advice or help with the preparation before it is granted Brandon Graham Jersey , they may charge and submit a claim to the Trustee which will then rank with other creditors. Trust Deeds are designed to get you out of debt, not to increase it! The amount you and your Trustee agree you can afford to repay eh month (plus any equity, if applicable) is normally the only amount you'll ever be asked to pay. Your creditors are effectively agreeing to receive less bk so that your Trust Deed Company can take their Trust Deed fees for managing the arrangent. There are a couple of exceptions to this general rule that you ould be aware of before mitting to a Trust Deed. If your ho increases in value or if you are the beneficiary of an unexpected lump-sum paynt, or if your surplus ine increases whilst you are subject to the agreent, you will have to pay more into your plan and if that enables you to satisfy your debts in full Brandon Boykin Jersey , you may be liable to pay an additional amount to cover your Trustee's fees.How long does it take to set up?Unlike an IVA, Eh Trust Deed requires a statent of affairs to be pleted which usually takes on average 2-4 weeks, but it is dependent on your circumstances. Once this has been pleted and you are happy you understand the implications of entering into a Trust Deed the next step is to notify the Aountants in Bankruptcy (AiB) which usually takes 7 days. Your proposal is then put to your creditors for approval. As long as 75% or more agree your Trust Deed will be approved and you will no longer have to deal with your creditors anymore. You simply make the arranged paynt to your Trust Deed Company for the set period (usually 48 months), and once this has expired you are discharged from your debts covered by the agreent and no longer have to worry.How do I apply?Simply fill out the form here or give us a call on 0800 043 2027 and speak to one our experienced advisors without obligation or mitnt. They will talk you through the process and help you calculate a monthly repaynt figure that you can afford. The relevant docunts will then be sent out to you to check over and sign. Once we recieve the paperwork from you we can then start to process your case.Do you do ho visits?Yes. We realise so people would prefer a fe to fe eting and we are more than happy to visit you at your ho if requested. Or you can visit us at our office; 58 Elliot Street, Glasgow G3 8DZ. Click here for map.*The typical period for a Scotti Trust Deed is 48 months Brandon Bair Jersey , although depending on affordability this could take longer.Calls charged at local rates. Edinburgh and Aberdeen dialling codes are for your convenience, your query will be redirected to our Glasgow Office. Subject to eligibility and aeptance. Fees are Payable. Debt write off only applies to unsecured debts and only on pletion of a Trust Deed. Alternative solutions may be offered. If your Trust Deed fails it may lead to Bankruptcy. Your ability to borrow further credit will be affected for 6 years. Hoowners may have to release the equity in their property. 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