The Process of applying for a Trust Deed

How can I get a Trust Deed?

1) You provide your proposed Trustee (our licensed Insolvency Practitioners) with the details of everyone you owe money to (your creditors). You will also provide us with details of how much you can afford to pay into the arrangement each month (this is known as your "disposable income"). You should also provide us with any other financial information which may be of relevance.

2) You will agree everything with your Trustee before proceeding and your proposed arrangement will be created. After you sign the Trust Deed proposal, we will write to all your creditors. If more than two thirds (66%) of your creditors, by debt level, agree to the Trust Deed, it will be become a Protected Trust Deed.

3) This "Protected" status of your Trust Deed prevents your creditors from taking any further action, such as arresting your earnings, and freezes interest. It also means that they have to accept the balance of the Trust Deed's fund as full and final settlement at the end of the three year term.

Until the Trust Deed is finished, you must inform your Trustee if there is a change in your financial circumstances or if you move house.

Note (the good points)

All correspondence you receive from your creditors after signing the Trust Deed will be forwarded to your Trustee to deal with. You pay your Trustee the monthly payment agreed with him, whilst continuing to pay your mortgage, other secured debts and living costs as normal.

As soon as your Trust Deed is agreed, as long as you comply with the agreed Trust Deed you normally only need to make a single, affordable payment each month, which will be divided amongst your creditors.

No further interest will be incurred and at the end of the Trust Deed a portion of the debt will be written off and you will be clear of debt. This full process is generally 36 months/3 years.

** You will never receive a bill from us. All our costs are covered by your monthly payments **

Is a Trust Deed right for you?

If you have debts over £12,000 and are currently struggling to meet your repayments, a Trust Deed could be available to you. We cannot and will not recommend a solution that is not suitable for you

Contact us today and we will give you free advice on how to get yourself debt free.

Request a call back from one of our debt advisors today