Should i enter a trust deed or opt for sequestration?
For people who find themselves with acute financial difficulties and mounting debt problems often the solutions available can be daunting. Dependant on the severity of the problem this may result in sequestration (Scotland) or bankruptcy (rest of the UK), this solution is the most extreme and damaging to an individual who selects this route. In this solution your details with be published in a national paper and your information regarding the sequestration can be found with relative ease on the internet. Any assets you have will most probably be sold in order to realise money to pay towards your debts. This is often a most traumatic experience for a person going through this solution and should only be taken when no other option is suitable. This solution would also force through the sale of your property if you own one and if it had equity within the property, again an unpleasant and traumatic experience to be avoided. This solution also has the most damaging impact of all to your credit rating and will take many years to fully recover. This is because you have defaulted on your loans and been unable to make an acceptable monthly payment to your creditors over a period of time as would be the case within a protected trust deed. As with any debt solution qualified professional advice should always be taken before entering a solution and this is certainly the case with sequestration/bankruptcy. There are also limitations as to positions and jobs you can hold for instance you are not permitted to be a company director whilst you are bankrupt.
Scottish Trust Deed
A Scottish trust deed is another debt solution for people living in Scotland which may be a much better solution. A trust deed or “protected” trust deed lasts for three years and within this time you will contribute as much as you can afford towards your debts. Any outstanding monies due to creditors after the three year period will then be written off and you are free of debt and worry. In order to qualify for a trust deed you must have £10,000 worth of debt and be able to contribute approximately £150 per month. In order to proceed with a trust deed you will require the services of an insolvency practitioner who will complete an income and expenditure in order to identify what assets exist and how much a person can afford to contribute towards their debts.
Having completed this exercise the IP would arrange a meeting of your creditors and assuming they accept the proposal your trust deed would become “protected” after 5 weeks. Your IP would be responsible for your financial conduct over the period of your trust deed and takes the title of trustee. Your trustee would carry out regular income and expenditures to ensure you are contributing the appropriate amount to your debts. This means if your financial position changes you may pay more or less towards your agreement.
Your trustee is also responsible for the conduct of your creditors throughout the term of the trust deed. This means if any creditor continues to harass you during this period you should advise your trustee who will ensure this stops immediately as this is illegal.
Negatives of a Trust Deed
There are negatives behind this solution however as during the term of the protected trust deed you are not permitted to take out further credit .Your credit file will also be damaged for a total of 6 years approximately meaning being accepted for credit or a mortgage during this period would be extremely difficult.
However to regain control of your finances, be able to answer the telephone and finally get a good night’s sleep once again many people find the positives far outweigh the negatives.
Monday, 19 December 2011
Thursday, 15 December 2011
Debt Management Vs Trust Deed
There are many different reasons people consider opting for a Scottish trust deed. Many are keen to avoid sequestration or stop spiralling interest and charges or continued harassment from creditors. Another reason many people consider entering a trust deed is to write off their debt once and for all.
Why choose a trust deed to write off debt when you can do the same thing through sequestration? The simple answer is both routes will indeed do this, however sequestration has a more negative impact in the long term in relation to your credit history.
Dealing with creditors and debt collecting agencies can to put it mildly be an extremely unpleasant experience and most probably one you are unlikely to forget.
A trustee is required to act on your behalf in order to proceed with a Scottish trust deed, who will negotiate on your behalf with your creditors to secure an arrangement affordable to you in order to clear as much of your debt as you can afford over a period of approximately 3 years.
You may have considered exploring using a debt management as a good solution to clearing your debt however ,this solution can run for 10,12,or sometimes 15 years dependant on the amount of debt you have and how much you can afford to contribute each month. A trust deed will only last for 3 years on average with any outstanding monies due to creditors being written off at the end of that period.
There is also no guarantee within a debt management plan your creditors will stick to your proposal as there is no legal obligation to do so. Equally they are under no obligation to freeze interest and charges as they are in a protected trust deed.
Scottish Trust Deeds offer greater flexible to write off debt and there different ways you can hold some assets. If you have equity in your property you may have to release it dependant on how much you have, however after your trust deed has finished, you will write off any debt remaining on your accounts ,at that point you will then be debt free. Your creditors have no legal right to approach you and cannot come back to take anything from you in the future.
Whilst entering a Scottish trust deed should not be taken lightly, for many it is the correct solution and an excellent way to regain control over your financial position. And best of all after 3 years you are debt free and ready to move your life on free of the burden of worry.
Why choose a trust deed to write off debt when you can do the same thing through sequestration? The simple answer is both routes will indeed do this, however sequestration has a more negative impact in the long term in relation to your credit history.
Dealing with creditors and debt collecting agencies can to put it mildly be an extremely unpleasant experience and most probably one you are unlikely to forget.
A trustee is required to act on your behalf in order to proceed with a Scottish trust deed, who will negotiate on your behalf with your creditors to secure an arrangement affordable to you in order to clear as much of your debt as you can afford over a period of approximately 3 years.
You may have considered exploring using a debt management as a good solution to clearing your debt however ,this solution can run for 10,12,or sometimes 15 years dependant on the amount of debt you have and how much you can afford to contribute each month. A trust deed will only last for 3 years on average with any outstanding monies due to creditors being written off at the end of that period.
There is also no guarantee within a debt management plan your creditors will stick to your proposal as there is no legal obligation to do so. Equally they are under no obligation to freeze interest and charges as they are in a protected trust deed.
Scottish Trust Deeds offer greater flexible to write off debt and there different ways you can hold some assets. If you have equity in your property you may have to release it dependant on how much you have, however after your trust deed has finished, you will write off any debt remaining on your accounts ,at that point you will then be debt free. Your creditors have no legal right to approach you and cannot come back to take anything from you in the future.
Whilst entering a Scottish trust deed should not be taken lightly, for many it is the correct solution and an excellent way to regain control over your financial position. And best of all after 3 years you are debt free and ready to move your life on free of the burden of worry.
"I'll have one Trust Deed please"
How do i go about entering a trust deed?
If your financial position has reached a point where managing your debt level and creditors yourself has became impossible you may have decided enough is enough. It is important to know there are solutions available to help you.
One solution many people explore is a trust deed, also known as a protected trust deed. The difference between the two is subtle but has an important difference. The key difference between the two is a trust deed does not legally enforce the arrangement on your creditors, put simply this means they can continue to press for payment, add charges and continue to call and write to you. This is far from ideal and serious consideration should be taken before agreeing to enter such a solution. A protected trust deed is different, within this arrangement there is a legally binding agreement between you and most importantly your creditors. This means once a trust deed has become “protected” all interest and charges must be frozen and in addition all contact from your creditors to you directly must cease ,whether that be via numerous telephone calls or a stream of demands coming through your letter box on a daily basis.
In order to enter a protected trust deed you must 1st seek independent advice from a reputable debt advice organisation, there are many not for profit organisations who will offer you excellent impartial advice free of charge. Should you decide to proceed with a trust deed you will require an insolvency practitioner to act on your behalf? Your IP will complete a full income and expenditure in order to fully understand your exact financial position .This will also tell the IP how much you can afford to pay towards your debts .Once this work has been carried out your IP will prepare a case explaining your financial position to your creditors. An offer will be made to them which will be the sum of money your IP has identified as being the amount you can reasonably contribute towards your debts on a monthly basis.
An advert will be lodged in the Edinburgh Gazette advising creditors you plan to enter a protected trust deed and if there are no objections within 5 weeks your case automatically adopts the status of “protected”.
Typically a protected trust deed will last for 3 years and during this period you will be expected to make one monthly payment to your IP,who now becomes known as your trustee, it is the responsibility of your trustee to distribute your payment proportionately and regularly to your creditors. Part of your trustees role is to ensure you pay as much as you can afford towards your debt and to that end your trustee will expect you to co operate fully and disclose any changes of circumstances that will affect the contribution you are making towards your debts .A failure to disclose relevant information can have serious legal implications. Your trustee is also liable however to ensure creditors cease all harassment and if contact has been made then you should advise your trustee immediately who will ensure this stops.
After you have complete your protected trust deed all outstanding debts are written off and you are free of any liability to move your life on free of worry and debt.
If your financial position has reached a point where managing your debt level and creditors yourself has became impossible you may have decided enough is enough. It is important to know there are solutions available to help you.
One solution many people explore is a trust deed, also known as a protected trust deed. The difference between the two is subtle but has an important difference. The key difference between the two is a trust deed does not legally enforce the arrangement on your creditors, put simply this means they can continue to press for payment, add charges and continue to call and write to you. This is far from ideal and serious consideration should be taken before agreeing to enter such a solution. A protected trust deed is different, within this arrangement there is a legally binding agreement between you and most importantly your creditors. This means once a trust deed has become “protected” all interest and charges must be frozen and in addition all contact from your creditors to you directly must cease ,whether that be via numerous telephone calls or a stream of demands coming through your letter box on a daily basis.
In order to enter a protected trust deed you must 1st seek independent advice from a reputable debt advice organisation, there are many not for profit organisations who will offer you excellent impartial advice free of charge. Should you decide to proceed with a trust deed you will require an insolvency practitioner to act on your behalf? Your IP will complete a full income and expenditure in order to fully understand your exact financial position .This will also tell the IP how much you can afford to pay towards your debts .Once this work has been carried out your IP will prepare a case explaining your financial position to your creditors. An offer will be made to them which will be the sum of money your IP has identified as being the amount you can reasonably contribute towards your debts on a monthly basis.
An advert will be lodged in the Edinburgh Gazette advising creditors you plan to enter a protected trust deed and if there are no objections within 5 weeks your case automatically adopts the status of “protected”.
Typically a protected trust deed will last for 3 years and during this period you will be expected to make one monthly payment to your IP,who now becomes known as your trustee, it is the responsibility of your trustee to distribute your payment proportionately and regularly to your creditors. Part of your trustees role is to ensure you pay as much as you can afford towards your debt and to that end your trustee will expect you to co operate fully and disclose any changes of circumstances that will affect the contribution you are making towards your debts .A failure to disclose relevant information can have serious legal implications. Your trustee is also liable however to ensure creditors cease all harassment and if contact has been made then you should advise your trustee immediately who will ensure this stops.
After you have complete your protected trust deed all outstanding debts are written off and you are free of any liability to move your life on free of worry and debt.
Wednesday, 14 December 2011
Trust deed: The pros and cons explained
Trust deed, the pros and cons explained
With no apparent end in sight to the continued downturn in employment coupled with pay freezes and rising bills it goes some way to explaining why more people than ever are exploring solutions to help them get out of debt. One of the solutions available to people who live in Scotland is called a trust deed.
A trust deed is only available to people that live in Scotland and was created by Scottish law in order to help people with serious debt problems .It is not as serious or damaging as sequestration which is the Scottish equivalent to bankruptcy as under a protected trust deed you can be a company director, hold a public office position or become self employed. This is not the case with sequestration or bankruptcy.
Trust deeds are excellent in certain circumstances for people who for a variety of reasons find they are over exposed to debt and struggling to honour the repayment terms to their creditors. This may be down to you or a family member having a pay cut or a loss of job, possibly even a period of illness.
All unsecured loans e.g. credit card ,store card, bank loans, overdraughts and many more can be included within a protected trust deed .Another excellent reason to consider this solution is that all interest and charges become frozen once your trust deed becomes protected meaning your debt stops increasing.
How a Trust Deed works
A trust deed works by bringing all your debts together and, after insolvency practitioner has completed an income and expenditure identify what is an affordable sum for you to pay on a monthly basis towards your debts.
It is the job of the insolvency practitioner to approach your creditors with the proposal on your behalf explaining your financial position and how much you can reasonably pay towards your debts. The IP is also known as your trustee and if the creditors accept the proposal the trustee will be responsible for ensuring you contribute as much as possible towards your debts. The trustee will monitor your income and expenditure throughout the period of the trust deed . The trust deed becomes “protected”5 weeks after the case is published in the Edinburgh Gazette as long as there are no objections or as long as they are less than one third in value or a majority in number.
Once the trust deed has become protected all communication/harassment from creditors has to stop which for most people is a blessing in itself. If any creditor continues to harass you then you should contact your trustee and he will ensure this practice stops immediately.
Negatives of a Trust Deed
The negatives are that you are not allowed to get further credit while you are in your protected trust deed and your credit file will have defaults attached for a period of 6 years .This will make attaining lines of credit difficult even after you complete the trust deed however once 6 years has passed this situation should ease . Your credit rating will be severely affected through the process.
Many people find the weight off their shoulders allows them to sleep better at night again and to be able to pick up the phone without fear far outweighs the negatives behind this solution in addition to the fact they know exactly when they will have completed the solution and start to re build their credit file once again.
With no apparent end in sight to the continued downturn in employment coupled with pay freezes and rising bills it goes some way to explaining why more people than ever are exploring solutions to help them get out of debt. One of the solutions available to people who live in Scotland is called a trust deed.
A trust deed is only available to people that live in Scotland and was created by Scottish law in order to help people with serious debt problems .It is not as serious or damaging as sequestration which is the Scottish equivalent to bankruptcy as under a protected trust deed you can be a company director, hold a public office position or become self employed. This is not the case with sequestration or bankruptcy.
Trust deeds are excellent in certain circumstances for people who for a variety of reasons find they are over exposed to debt and struggling to honour the repayment terms to their creditors. This may be down to you or a family member having a pay cut or a loss of job, possibly even a period of illness.
All unsecured loans e.g. credit card ,store card, bank loans, overdraughts and many more can be included within a protected trust deed .Another excellent reason to consider this solution is that all interest and charges become frozen once your trust deed becomes protected meaning your debt stops increasing.
How a Trust Deed works
A trust deed works by bringing all your debts together and, after insolvency practitioner has completed an income and expenditure identify what is an affordable sum for you to pay on a monthly basis towards your debts.
It is the job of the insolvency practitioner to approach your creditors with the proposal on your behalf explaining your financial position and how much you can reasonably pay towards your debts. The IP is also known as your trustee and if the creditors accept the proposal the trustee will be responsible for ensuring you contribute as much as possible towards your debts. The trustee will monitor your income and expenditure throughout the period of the trust deed . The trust deed becomes “protected”5 weeks after the case is published in the Edinburgh Gazette as long as there are no objections or as long as they are less than one third in value or a majority in number.
Once the trust deed has become protected all communication/harassment from creditors has to stop which for most people is a blessing in itself. If any creditor continues to harass you then you should contact your trustee and he will ensure this practice stops immediately.
Negatives of a Trust Deed
The negatives are that you are not allowed to get further credit while you are in your protected trust deed and your credit file will have defaults attached for a period of 6 years .This will make attaining lines of credit difficult even after you complete the trust deed however once 6 years has passed this situation should ease . Your credit rating will be severely affected through the process.
Many people find the weight off their shoulders allows them to sleep better at night again and to be able to pick up the phone without fear far outweighs the negatives behind this solution in addition to the fact they know exactly when they will have completed the solution and start to re build their credit file once again.
Tuesday, 13 December 2011
What is a Scottish Protected Trust Deed
What is a Scottish Protected Trust Deed
A protected trust deed is a debt solution available to people living in Scotland which allows people to avoid the more serious solution of bankruptcy or as it is called in Scotland sequestration.
There are clear similarities between a trust deed and an individual Voluntary Arrangement (IVA). Within these solutions you pay as much as you can back to your creditors over a set period of time, at the end of this period any outstanding sums due to your creditors are written off. The typical term of each solution is 3 years for a protected trust deed and 5 years for an IVA.
In order for a trust deed to become protected either a third in value or a majority in number must agree to the terms of proposal .The actual proposal is put to your creditors on your behalf by an appointed insolvency practitioner , also called an IP or trustee. Your Trustee must place a notice in the Edinburgh Gazette in order that no creditor can come back at a future date objecting to the petition. All creditors must be informed of your intentions and sent a copy of the Edinburgh Gazette.
Your creditors thereafter have 5 weeks to object to your petition before it becomes protected as long as fewer than those with a third of the value of debt object or fewer than a third in number raise objections.
A protected trust deed is designed to help people avoid bankruptcy however it is a serious debt solution and should only be used as a means of avoiding bankruptcy. Your credit rating will be affected and obtaining credit will be extremely difficult for a period of 6 years in addition to this you are not permitted to take out credit through the duration of your protected trust deed.
There are however many benefits over the most acute of solutions (bankruptcy) namely you will be able to work in a self employed capacity or remain so if you currently are self employed. You will also be able to retain or become a company director through this solution as well as holding public office should you choose. And finally any outstanding amounts due to your creditors after you have completed the solution will be written off.
As with any debt solution you should always seek independent and impartial advice in order to allow you to make an informed decision that is best for you. There are several not for profit charities who can offer excellent advice on all debt solutions available who will not charge you for the advice you receive.
A protected trust deed is a debt solution available to people living in Scotland which allows people to avoid the more serious solution of bankruptcy or as it is called in Scotland sequestration.
There are clear similarities between a trust deed and an individual Voluntary Arrangement (IVA). Within these solutions you pay as much as you can back to your creditors over a set period of time, at the end of this period any outstanding sums due to your creditors are written off. The typical term of each solution is 3 years for a protected trust deed and 5 years for an IVA.
In order for a trust deed to become protected either a third in value or a majority in number must agree to the terms of proposal .The actual proposal is put to your creditors on your behalf by an appointed insolvency practitioner , also called an IP or trustee. Your Trustee must place a notice in the Edinburgh Gazette in order that no creditor can come back at a future date objecting to the petition. All creditors must be informed of your intentions and sent a copy of the Edinburgh Gazette.
Your creditors thereafter have 5 weeks to object to your petition before it becomes protected as long as fewer than those with a third of the value of debt object or fewer than a third in number raise objections.
A protected trust deed is designed to help people avoid bankruptcy however it is a serious debt solution and should only be used as a means of avoiding bankruptcy. Your credit rating will be affected and obtaining credit will be extremely difficult for a period of 6 years in addition to this you are not permitted to take out credit through the duration of your protected trust deed.
There are however many benefits over the most acute of solutions (bankruptcy) namely you will be able to work in a self employed capacity or remain so if you currently are self employed. You will also be able to retain or become a company director through this solution as well as holding public office should you choose. And finally any outstanding amounts due to your creditors after you have completed the solution will be written off.
As with any debt solution you should always seek independent and impartial advice in order to allow you to make an informed decision that is best for you. There are several not for profit charities who can offer excellent advice on all debt solutions available who will not charge you for the advice you receive.
Scotland Trust Deed England IVA
Should you find yourself with serious debt problems the options can appear daunting as you try to find the best solution for your circumstances. In the most acute of financial positions this solution may be bankruptcy or sequestration as it is called in Scotland. This is the most severe of solutions and one that should not be entered into lightly as any assets you have accumulated over time may be sold and any monies accrued paid out to your creditors. Another solution may people opt for is a trust deed or protected trust deed. This solution is available to people living in Scotland. In England, Wales and Northern Ireland they have a different solution called an Individual Voluntary Arrangement scheme or IVA.
The principal of both schemes are the same, they are designed to give people who, for a variety of different reasons the opportunity to regain control of their finances and after a period of time approximately (3 years in a protected trust deed and 5 years in an IVA) put the financial trouble behind them.
As a trust deed is a legally binding agreement between you and your creditors you must seek appropriate advice from a qualified debt advisor who will discuss the pros and cons in relation to the solution. Should this option be best for you and should you wish to proceed you would be appointed an insolvency practitioner . The role of the (IP) is to manager your case in order for you to enter the trust deed and thereafter through the duration of your protected trust deed.
It is the responsibility of the IP to complete an income and expenditure with you. Having done this the IP will identify how much you can reasonably afford to contribute towards your debts whilst ensuring you have sufficient left to lead a basic life for the duration of the solution.
The IP will then create a report and arrange a meeting with your creditors in order to seek their approval to the proposal. Assuming your creditors agree to the terms of the arrangement them after a period of approximately 5 weeks your trust deed takes the status of “protected”.
Once your trust deed has been protected your creditors are bound by the terms of the trust deed, this means they can no longer contact you directly either by harassing phone calls or by letters. Equally you are bound by the terms of the agreement meaning you must make a monthly payment to your IP, they will then distribute money to your creditors on your behalf.
After you have ended the solution any outstanding money due to your creditors is written of and you are free to rebuild your credit rating however you should note that your credit file will reflect you entered a trust deed for a further 3 years before it is removed.
The principal of both schemes are the same, they are designed to give people who, for a variety of different reasons the opportunity to regain control of their finances and after a period of time approximately (3 years in a protected trust deed and 5 years in an IVA) put the financial trouble behind them.
As a trust deed is a legally binding agreement between you and your creditors you must seek appropriate advice from a qualified debt advisor who will discuss the pros and cons in relation to the solution. Should this option be best for you and should you wish to proceed you would be appointed an insolvency practitioner . The role of the (IP) is to manager your case in order for you to enter the trust deed and thereafter through the duration of your protected trust deed.
It is the responsibility of the IP to complete an income and expenditure with you. Having done this the IP will identify how much you can reasonably afford to contribute towards your debts whilst ensuring you have sufficient left to lead a basic life for the duration of the solution.
The IP will then create a report and arrange a meeting with your creditors in order to seek their approval to the proposal. Assuming your creditors agree to the terms of the arrangement them after a period of approximately 5 weeks your trust deed takes the status of “protected”.
Once your trust deed has been protected your creditors are bound by the terms of the trust deed, this means they can no longer contact you directly either by harassing phone calls or by letters. Equally you are bound by the terms of the agreement meaning you must make a monthly payment to your IP, they will then distribute money to your creditors on your behalf.
After you have ended the solution any outstanding money due to your creditors is written of and you are free to rebuild your credit rating however you should note that your credit file will reflect you entered a trust deed for a further 3 years before it is removed.
Truth about Trust Deed
It is important that you understand exactly what a Scottish Trust Deed is when trying to understand what can go wrong. Ignore adverts telling you how easy it is as they can be misguiding.
What is a Trust Deed?
A Trust deed is one form of insolvency, similar but not as severe as bankruptcy (sequestration). It is a big step to take and you should consider it carefully. It may not be ideal for you or it may be exactly right for your circumstances. It should always be treated seriously when you have no other route to repay your debt.
Some “trust deed advisors” have a financial interest in the trust deed going ahead so we always advise going with a charity. They will give the best advice to suit your own personnel needs and not tell you what you want to hear (they must tell you what you need to hear) do not be rushed into signing.
When talking to the debt advisor make sure he explains the “trust deed” correctly some claim they are experts when this is not always the case. Debt advisors at present do not have to hold a professional qualification. Again I express to keep with a charity as you do not want pushy sales people sending you down the wrong path.
The worst problem about getting poor advice is failure to inform the clients of the pit falls. The facts are if you have equity in your home or a car as well as your monthly payments you will need to pay over the value of these assets or they could be sold.
However if you are the owner of a car or a house this does not mean you should not sign a Scottish trust deed. It just means you should understand the full implications in advance; you need to know exactly what it will mean to you in advance. If you do not understand or will be unable to pay do not sign.
You also need to know what will happen if things get any worse or better. If you receive more income you will have to pay some or all of that into your Trust deed. If you win the lottery or inherit you will be required to pay this into your trust deed. If your income reduces or your outgoings go up there is a possibilities they will accept reduced payments, or extended the trust deed.
The best advice when entering a trust deed is to make sure you know all the pros and cons receive knowledgeable advice before signing. Take advice from a registered charity.
What is a Trust Deed?
A Trust deed is one form of insolvency, similar but not as severe as bankruptcy (sequestration). It is a big step to take and you should consider it carefully. It may not be ideal for you or it may be exactly right for your circumstances. It should always be treated seriously when you have no other route to repay your debt.
Some “trust deed advisors” have a financial interest in the trust deed going ahead so we always advise going with a charity. They will give the best advice to suit your own personnel needs and not tell you what you want to hear (they must tell you what you need to hear) do not be rushed into signing.
When talking to the debt advisor make sure he explains the “trust deed” correctly some claim they are experts when this is not always the case. Debt advisors at present do not have to hold a professional qualification. Again I express to keep with a charity as you do not want pushy sales people sending you down the wrong path.
The worst problem about getting poor advice is failure to inform the clients of the pit falls. The facts are if you have equity in your home or a car as well as your monthly payments you will need to pay over the value of these assets or they could be sold.
However if you are the owner of a car or a house this does not mean you should not sign a Scottish trust deed. It just means you should understand the full implications in advance; you need to know exactly what it will mean to you in advance. If you do not understand or will be unable to pay do not sign.
You also need to know what will happen if things get any worse or better. If you receive more income you will have to pay some or all of that into your Trust deed. If you win the lottery or inherit you will be required to pay this into your trust deed. If your income reduces or your outgoings go up there is a possibilities they will accept reduced payments, or extended the trust deed.
The best advice when entering a trust deed is to make sure you know all the pros and cons receive knowledgeable advice before signing. Take advice from a registered charity.
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