Trust Deeds

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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.

Trust Deeds: Easy Freedom from Debt

How would you like to have an easy and effective way to clear your debt? It is all possible with trust deeds.

Setting up this arrangement is quite easy. Just seek the help of an Insolvency Practitioner (IP) licensed to conduct these types of proceedings. Your IP will advise you on what you can do to solve your financial difficulties.

Basically, this arrangement is entered by you and all your creditors. You will promise to pay a particular amount in three years. Then, once your creditors accept your deed, it is binding and protected. This means that they cannot change the content of the agreement from that day forward.

Positive Effects

As long as you cooperate with your trustee and pay monthly your agreed contributions, your creditors cannot push through with any legal proceedings against you. Even all forms of correspondence, such as letters or phone calls will be stopped.

These are other positive effects:

1. You will only make one affordable payment monthly. No more confusion on the debt amount and due dates of your various creditors.
2. There is a fixed period of repayment.
3. All your creditors are bound by the conditions of the deed – they cannot notify your employer, begin court proceedings, or even post public notices about your debt settlement.
4. Lastly, trust deeds have fewer restrictions in terms of affecting your employment compared to bankruptcy.

Good Consequences

Creditors know that these types of deeds are being administered by suitably qualified professionals. Thus, they understand that they can produce a better outcome with these deeds than insolvency proceedings in court. Plus, the expense and time involved with administering these are much less than any other legal action.

Moreover, you might be able to get credit again depending on your circumstances. During the term of your deed, if you need to borrow money, you may continue to do so. However, if the credit you are applying for is more than £250, then you must give a notice of your deed to the person whom you’re borrowing money from.

A lot of experience has shown that people are able to regain back their good old credit standing once their debt has been fully settled. When these people successfully completed their trust deeds, maybe they have really felt so good like they were 10 feet tall.

Finishing this debt settlement is surely a great achievement, and it is a better option rather than letting your estate be sequestered or avoiding the pain of dealing with your debt problem at all. GP

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