One Advice understand that any debt solution often seems complicated at first glance, so we have tried to break down the Trust Deed Process for you. If there is anything that you are unsure about or would like more information about the Trust Deed process, please give our free phone number a call on 0800 048 1752.
The following gives a simple overview of the typical Trust Deed process. But each case is unique so please call us now for further Trust Deed advice.
1: Compile a full list of creditors with all the money owed, and how much you can realistically afford to pay back month.
2: Consult an Insolvency Practitioner (otherwise known as an IP or a Trustee) who will be able to go through the list and write to your creditors offering a proposal.
3: If over two thirds of your creditors, by value, agree to the proposal then it will be accepted. If it is registered as 'Protected' then your creditors cannot take any further legal action against you and all charges will be frozen on your account.
4: You can relax as any creditor correspondence can be sent to your IP who will deal with this for you. All you need to do is pay your monthly Trust Deed payment, mortgage and any secured debts. During your Trust Deed you will not be allowed to take out any further credit and you must advise your Trustee in changes to your finances.
5: Your 36 months is up, enjoy being debt free!