Trust Deed

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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

A Trust Deed can be used as a Bankruptcy Alternative

Even when you are overwhelmed with debt and it seems like you have no way to get out of the mess you are in, don’t make haste in filing bankruptcy right away. There are still various alternatives for you to consider.

One of these is a trust deed – a legal arrangement that you could set up as an alternative way of dealing with debt. When you are arranging a trust deed and adhering to the monthly repayments, your creditors cannot take further legal actions against you.

Set-up

Only a licensed Insolvency Practitioner can act as your trustee. You must provide him or her with all the information on your creditors, as well as your financial details. Then, your trustee will draw up your proposal to be sent to all creditors. This will include how much you’re able or willing to pay every month.

Basically, your arrangement will be to pay your creditors with an agreed amount for three years. Your creditors will normally accept this agreement, especially if the only option you have at this point is bankruptcy.

Creditors know that a trust deed would allow a bigger return of money compared to a bankruptcy. Also, there is less time and expense arranging this settlement rather than going through a bankruptcy court procedure.

Benefits

One of the benefits of a protected deed is immunity from debt collection while you are making monthly repayments. Although in some cases, the lenders have the right to any available home equity, there are several methods that you can use to avoid this process – going through a buy back process or paying extra contributions.

Other benefits include:

1. There is a set length of time repayment.
2. All creditor correspondences will go straight to the trustee.
3. There are no court appearances.
4. There are no public notices (compared to bankruptcy).
5. You can retain your directorship of a company.
6. You may pay your debt at a lowered rate, and with frozen charges and interest.
7. All your debt balances are written off after three years even if there are still remaining debts in your account.

If you miss one or two payments, it will not be detrimental to your trust deed since the creditors will only extend the length of your deed. They will usually assess if you’re having difficulty in paying for your monthly due, and upon re-evaluation, the payments might be lowered.

However, if you are not paying your deed continuously, your lenders will continue to take legal actions against you. So always take professional advice before starting this repayment alternative. GP

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