Glasgow is one of the most popular cities in Scotland for Protected Trust Deed debt solutions. This is primarily because of the vast number of people living in Glasgow and the surrounding areas. Over the past 15 years Trust Deed Scotland debt solutions have become increasingly more popular and it’s well documented that Glasgow is the Scottish capital of Trust Deeds.
A Protected Trust Deed is a 4 year debt solution where you pay one amount each month. You stop all payments to your debt (credit cards, loans, overdrafts and other debts). You continue to pay your mortgage/ rent, gas, electricity, food, council tax and essential monthly expenditure.
Once you’ve paid your Glasgow Trust Deed payments and your solution is concluded then any remaining interest, charges and arrears will be written off and you will be debt free. Help is available for your debts from Debt Support Trust on 0800 085 0226. The charity advisors can provide expert assistance to discuss all of your options and support you in setting up a route to become debt free.
Scottish Trust Deed Glasgow
There are a range of debt solutions each providing different pros and cons. You should seek professional debt advice before entering a debt solution, such as the Scottish Trust Deed. There is a wide range of face to face, telephone and internet based support for people living in Glasgow and considering a Trust Deed in Scotland.
It can seem too good to be true, but the Scottish debt solution allows you to pay an affordable amount each month, stop creditors calling and write off the debt you can’t afford at the end. You no longer pay your contractual payments, but instead just pay a set amount each month.
So, how does it work?
If you have lived in Scotland for at least the last 6 months then you could enter a Trust Deed in Glasgow. You put a proposal to your creditors for them to consider. The proposal will include everything you can afford. Most people want to avoid bankruptcy because of the stigma and one way to achieve this is to put a plan together.
Monthly payments: £250
Total repaid: £12,000
Debt written off: £18,000
Out of the £12,000 will be the fees and charges associated with managing the solution. These are known as the Trustees fees. The remaining amount is dispersed on a pro-rata basis among your creditors, with the creditor owed the most getting their fair share of the money.
Debt Support Trust can help organise your proposal. You can call on 0800 085 0226.
The creditors often accept your proposal because they know it’s all you can afford and represents the best option for everyone involved.
Criteria for a Glasgow Trust Deed
There is a range of criteria to be applicable to enter a Glasgow Trust Deed. You must
– Owe at least £5,000 in unsecured debt, such as credit card, payday loans, overdrafts, personal loans and other credit which isn’t linked to an asset
– You must be able to repay 10% of your debt after fees and meet other creditor criteria
– Your assets must be realised in a Trust Deed, so if you have equity in a property this may need to be released. You should check your equity levels in assets before entering into a Glasgow Trust Deed
– You must not be able to repay the full amount of the debt in 48 months as the Trust Deed would not be the best option – a Debt Arrangement Scheme would be the best advice in this instance.
Our hot topics section are some of the most recent issues which arise during a Trust Deed that you would need to know about prior to entering the debt solution.
- Bank account: If you owe money to your bank then you would need to open a fresh bank account with a new company. The account should not be with a company associated to a bank you currently have debt with. This is required because all of your accounts will be frozen when you enter the debt solution.
- PPI: In the solution your insolvency practitioner must check and retrieve any payment protection insurance. If you’ve already claimed your PPI and spent the money then you won’t be asked to repay this. However, if you’ve claimed your PPI during the solution it will have to go to your creditors.
- Inheritance: Are you likely to come into inheritance money during the solution? If so you could have to pay some or all of this money to your creditors. If you inherit after the Trust Deed is finished then you can keep this money.