New Post has been published on We Clear Debts at http://www.wecleardebts.co.uk/trust-deed-debt-help
New Post has been published on http://www.wecleardebts.co.uk/trust-deed-debt-help
Trust Deed Debt Help
What is a Trust Deed
A trust deed offers the residents of Scotland, that are suffering with the burden of debt. It is a solution that can see them write off up to 80% of their debt, make payment to their creditors, where they only pay what is affordable and is backed by Scottish Government Legislation and is overseen by the Accountant in Bankruptcy. A Scottish Trust Deed reduces unaffordable payments to various creditors into a single affordable monthly payment to your trustee/insovency practitioner. This is a great way to write off debt.
A trust deed is a formal agreement that is administered by a registered insolvency pracitioner. Your estate is transfered to the control of the insovlency practitioner for the benefits of the creditors to recover as much of the debts as possible and affordable.
This can be a good way for people to deal with debt problems by protecting them from any attempt by the creditor of legal enforcement of debts which are included (All debts should be included in your Trust Deed) in the trust deed, but only once it has become protected.
The insovency practitioner will attemp to make your trust deed a protected trust deed, although this is subject to 75% of your creditors agreeing to this (we have never dealt with an insolvency where the creditors object to a trust deed becoming protected) as at least they will get some of the money due to them, if any of your creditors fail to respond to your IP’s request within 3 weeks, then by law they are deemed to have accepted it.
Anyone wanting to apply for a trust deed must have resided in Scotland for at least the 6 months prior to thier application.
Once in a protected trust deed, your creditors cannot add any further interest or charges to your account, nor can they take any legal action against you to recover your debts.
How Long Does a Trust Deed Last
A trust deed lasts for 48 months and is ended when you recieve your discharge from your insolvency practitioner. Any debt that was included in your trust deed and not paid will be written off completely leaving you debt free.
Who Will Know if I am in a Trust Deed
No one other than those you choose to tell. Although it will be on the insolvency register and ib the Edinburgh Gazzette, which is the official pulic record.
How Do I Apply For a Trut Deed
The first thing to do is fill in our form, call We Clear Debts on 0161 241 9484 or email us [email protected]
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